“Superstar” bank analyst Meredith Whitney is on CNBC this morning pouring cold water on the notion that bank earnings have stabilized. She says JPM, BA, C and the gang are using very narrow measures to claim profitability that the man in the street would not recognize. She’s bearish on the sector, as usual, and expects another downleg in sub-prime mortgages.
EUR/USD has come lower and stocks have turned south as well. Stops below 1.2950 have been triggered and bids at 1.2940 are being filled in. There is lots of congestion on the short-term charts down to the next clear level of support at 1.2880.
