All’s quiet on the western front. But not on the eastern front. Cyprus is still the headline, but UK banks might be the Black Swan that actually hits the markets next. Lots of little headlines flowing out of the UK’s banking system and it’s as bad or worse than our own and the rest of the developed world’s banking system at this point. Take a look at the headlines —
British banks need $38 billion to fill cash gap
CNNMoney-Mar 27, 2013
British banks need to raise £25 billion ($38 billion) in new capital this year to build an adequate cushion against future shocks. The Bank of …
Cyprus crisis: banks reopen after tough capital controls agreed – live
The Guardian-40 minutes ago
People wait outside a Coop bank branch in Nicosia, Cyprus, Thursday, March 28 People outside a Coop bank branch in Nicosia, Cyprus, …
BOE Says U.K. Banks Have Capital Shortfall of $38 Billion
Bloomberg-Mar 27, 2013
U.K. lenders were told by the Bank of England to raise 25 billion pounds ($38 billion) of additional capital, less than analyst estimates. Banks …
Cyprus banks reopen – but stock exchange will remain closed
The Guardian-by Josephine Moulds-8 hours ago
Cyprus’s banks reopened their doors on Thursday, to limited queues, amid strict controls to stop people withdrawing all their savings and …
UK banks have £50 billion less than they think they do
Quartz-by Simone Foxman-Mar 27, 2013
The UK’s banking watchdog, the Financial Services Authority (FSA), has put domestic banks up to the test and found them wanting. Banks’ …
BoE’s King says UK banks don’t need more public money
Reuters-Mar 27, 2013
“The meeting of these recommendations does not require additional public funds. Banks can meet the recommendations in other ways such as …
Cody back in real-time here. All facade of the EU’s single currency is fading fast.
On a “They’re just now noticing that?!” note, Yesterday, this chart was making the rounds amongst the trader-ati on Wall Street –
March 27, 20133:46 pm Jeff Miller Chart at Bespoke shows the pattern for this year versus last: http://www.bespokeinvest.com/thinkbig/2013/3/25/is-the-party-coming-to-an-end.html This is getting circulated. One data point.
Now, aren’t you guys glad you subscriber to TradingWithCody.com so you were three months ahead of the rest of these guys in seeing how well this year’s stock market action rhyming with last year’s?
Anyway, I’m still not going to do much trading at these levels yet. My buy list for scaling into another tranche when I finally do start scaling in again includes FB, CIEN, JNPR, LNN and a new name or two. Not yet though. Patience is a virtue.