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!
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