Thursday 22 September 2011

Banks sell assets after Fed statement

The Fed twist program wasn't enough for the banks, they clearly wanted more free money to repair their balance sheets and pay bonuses for Maserati's. Banks sell the FTSE 100 down 5% along with the German DAX. Basically they're all running for the hills with the stock market profits before other competitor Banks, ensuring what profits they've made is retained. No new money means no money for the banks to deploy to markets, the key test is whether support is broken on the major indices, if so then I suggest you run for the hills also!

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