It was another quarter of record profits at Goldman (GS). But Wall Street has been spoiled by record earnings and Goldman and the stock is up a little more than 1%.
As noted yesterday, options implied volatility had become so extreme on Accredited Lenders (LEND) options yesterday at over 200%, I asked when it would join the single digits club. Well, this morning LEND has been hammered down by 50% to the $5 level. The San Diego based LEND says it's pursuing additional financing. This is being taken to indicate that Accredited is on the verge of completely falling off the subprime cliff.
The criminal probe of New Century, meantime, is expanding.
February retail sales FELL ex-autos Click here, and that's also helping to grease the skids lower for this morning's opening.
Also noted yesterday, the stock chart of Texas Instruments clearly showed, at least to me, the stock was at a major resistance point and at risk of filling a down side gap. Voila, this morning the stock will start to fil that gap following its less than stellar mid-quarter update.
It's expiration week.. fasten your seat belts.
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