It was a day of mostly minor chop in equity land. The late afternoon broke a new intraday high, but holding under the Monday high of 2895. Volatility was subdued, with the VIX melting lower, settling -6.9% to 13.30.
Bankers on the hill
Today saw seven CEOs of the financials attend a hearing on capitol hill...
From left to right: Corbat - Citigroup (C), Dimon - J P Morgan (JPM), Gorman - Morgan Stanley (MS), Moynihan - Bank of America (BAC), O'Hanley - State Street Corp' (STT), Scharf - Bank of New York Mellon (BK), and Solomon - Goldman Sachs (GS).
Suffice to note, it was fascinating to watch some of the mightiest corporate leaders on the planet. One of the key issues remains the consolidation of the financials...
The consolidation within the sector across the past three decades is a major problem, and one which no one in high level government has decided to deal with. 'Too big to fail' just keep getting bigger, with just five big names left - C, JPM, BAC, WFC, and GS. Of those stocks, I'd always favour JPM and BAC.
A few stray thoughts about the next few years... what happens with the next econ/financial crisis? Maybe we'll see a few mergers. How about BAC and WFC, or GS picking up C ?
|More fleeing the BREXIT related chaos|
|A moment of peace|
|Early evening moon|
Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk
Goodnight from London
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