Market Recap: The Banks!!!

[youtube=http://www.youtube.com/watch?v=5Mum6ggkBJs&feature=related]

The Reformed Broker, AKA Nouriel Houdini, here with today’s Market Recap

The news hit this morning that Bank of America (BAC) needs another $35 billion to remain solvent…so how did the market react?

We took the money center banks through the f@ckin’ roof!

Here’s the 3 o’clock look at the sector:

Industry Top Performers
Intraday Price Performance % Change Market Cap
KEYCORP [KEY] +17.00% $3.3 B
SUNTRUST BANKS [STI] +16.58% $6.0 B
BK OF AMERICA CP [BAC] +15.50% $69.4 B
CITIGROUP INC [C] +15.11% $18.2 B
WELLS FARGO & CO NEW [WFC] +13.35% $99.2 B

The bulls rebelled against logic and the bears had the train tracks over their backs to prove it.

The broad market rally eased up a bit in the last hour of trading, but for the most part, fireworks went off everywhere all day.

I’m not 100% sure, but I may have seen Nouriel muttering to himself on a bench in Bryant Park this afternoon.

We got a raft of Nat Gas company earnings this AM, but the earnings front tonight is pretty quiet this evening.

Thanks for reading today and check in tomorrow for a special treat.  In the meantime, enjoy the Arcade Fire doing Rebellion (Lies) live on Letterman.

Full Disclosure: I am currently long Wells Fargo (WFC) for customer and personal accounts

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