Earnings season is now underway, and as usual, it begins with the banks. I suppose they are always first, since the accounting is so simple. (AKA: Government Handouts MINUS 0.01% interest paid to customers EQUALS profits).
Thus, the heavily-subsidized and always-protected banks are doing just fine, thanks very much, in early morning trading:
Although it probably has a lot to do with the Yellen Free Money program known as BTFP, which is certain to be extended forever, since this money ain’t NEVER comin’ back.
This exuberance has undone what had been a nice little red morning.
One last item of note is that crude oil is going berserk again, which means I’ll probably have to take my couple of energy-related positions and change their ticker symbols to GTFO.
