A Financial D-Day

 | Nov 30, 2011 | 9:06 AM EST  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

db

Things were much worse than I thought. For me, that's the real takeaway from this financial D-Day -- this worldwide coordination from the wealthier countries to help out the major banks in Europe that were clearly about to go under.

Remember, there were two risks to the situation: credit to the banks and credit to the countries. Apparently the credit had all but dried up for SocGen, for BNP Paribas, and maybe even for Deutsche Bank (DB). Now that credit will be freed up.

That's a save for these banks. It helps the U.S. banks that were just hit with the huge Standard & Poor's downgrade Tuesday night. 

Plus, the ADP number looks like a continuation of good feelings here.

So we will see a reversal of last week's decline and a huge short squeeze. DEFCON 2 has been avoided.

I do not know how long-lasting it will be. But I do want to congratulate Doug Kass for navigating this one perfectly.

Columnist Conversations

THE FIBOCALL: GM-Follow up to July 24 GM column: " GM testing first support today" Using the April 11 low @ 3...
Polycom announced a new share repurchase authorization on Wednesday worth $200M and said that its previous pro...
Feeling very random this morning in front of last trading day of the week. Any chance of actual corporate tax ...
Core Labs (CLB) Sent May 12,2014 "Today is Day 1 of our 3-Day Rule, so we would look to take back some shorts ...

BEST IDEAS

REAL MONEY'S BEST IDEAS

Columnist Tweets

BROKERAGE PARTNERS

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.