What a Week!

No surprises, I was short because I felt this was coming. Have you been keeping track of the banking disasters?

  • Citigroup $2.24 billion charge for bad debt.
  • Bank of America $1.3 billion fall in earnings – bad investments.
  • Washington Mutual $2.9 billion in bad home loans.
  • Wachovia $1.3 billion in losses and write-downs.

By my count that’s $7.74 BILLION in losses for these banks and we’re at the BEGINNING of the sub-prime mess. Scary isn’t it? It looks like all my ETFCoveredCall transactions will be assigned and I’ll be sitting in 100% cash with my profits. I need this little breather. Fed meets at the end of October. I might sit on cash till then ;) . I’ll update my transactions after market close and I’ll post ETF-Cashinator results too!

This website is for educational and entertainment purposes only. Any investment activity is not without risk including loss of principal. Neither this website nor its authors assume any responsibility arising from the use or misuse of any information presented in this blog. You are urged to contact a financial adviser before making any investment decisions. Past performance is no indication of future performance.

About Investor Host

ETF Covered Calls.
This entry was posted in Bragging Rights. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

*


You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>