Gotta agree with that. Pisani couldn't trade his way out of a wet paper bag.

It's kind of ridiculous. There was almost no mention of the 34% increase in FICC that resulted in more than HALF of their revenues. The fixed income trading alone should raise a huge red flag for anyone who is invested in GS. You just can't expect to get the real scoop from CNBC. The reporters aren't all that sophisticated and 90% of their guests have been entirely wrong about this market for the last two years. Dick Bove was on this morning....That guy called the banks a generational buy over 65% higher than they are today....

I think CNBC catches a fair amount of undue criticism. Their reporters are amateurs. Liesman, their "chief economist" has no business background and graduated with a degree in journalism. Anyone that expects them to understand or coherently explain what is going on is expecting far too much from them.

The only person who deserves a good amount of criticism is Cramer. The man constantly misleads investors into thinking that any Joe Schmo can outperform the market by picking individual stocks. It's not that easy and his show causes small investors a great deal of pain. He should know better.....

I certainly underestimated the creativity of the Treasury. I assumed the uptick rule was certainly the last bullet, but it looks like this stress test is giving life to a new last bullet....Of course, things change so we must adapt....

Fixed the error. Thanks for letting me know. I must not have posted it to HTML originally. That's the second time today I've done it....I am still suffering from an Easter brunch food hangover....

Yoyo,

I'm now thinking that the market could remain buoyant for the remainder of April. The problem is that the banks announce earnings for the next 2 weeks and no one in their right mind wants to get short in front of that. I still think we're likely to see "better than expected" earnings from the majority of the banks. Then we'll get an announcement on the stress tests at the end of the month. I wouldn't be shocked if that announcement is one of these grand Sunday evening events where the Fed and Treasury declare that they have saved the world again. 5% market pop off that and then we're all set for the greatest "sell in May and go away" that the market has ever seen. These banks are not healthy and the economy is not rebounding. I am certain of both.

Personally, I am not getting short in front of these bank earnings. It's just too risky. Until then I can afford to be patient. If the market melts up further then it will only tee up my short positions better. If you want to be long I wouldn't allocate no more than 30% of my capital to the long side and I would likely do it entirely in tech names. I want nothing to do with the banks until these fake earnings are over.

Nothing on the "about us" page is false. Some people at the big banks are smarter than they get credit for. I happened to learn a lot from them....

I'm glad to help.

Thanks for the refreshment. Looks like I need to go back and read his theories again....

If I recall correctly, Soros' theory says reflexivity only occurs some of the time. I would argue, rather, that markets are inefficient nearly all the time. Thanks for pointing that out. I hadn't read his theory in a long time. It's interesting to go back and have a look.

It's hard to imagine the market going substantially lower in the face of bank earnings. Does anyone on earth think Government Sachs will miss estimates? There's a good reason for delaying the stress test results....