But wouldn't the year-end S&P be looking forward at 2010 earnings which almost everyone currently projects to be higher than 2009 earnings? It does seem to indicate that today's market should be lower though.
their projected 2010 earnings were $54/share which mean we are still VERY overvalued if you use their numbers.
Stupidly. Citibank and BOA have been de facto nationalized for months now and the shareholders have been on life support since the fall..if you're long citibank you're already f'd anyway, I don't know what they were possibly thinking was going to happen before. Unless you were under the illusion that the treasury was just going to say "oh no problem, miss your divident payments to us and keep the 80bb?" - this news should not be a surprise to anybody.
It's sad that everything is down today, but one stock that has taken a dump for a while is up today - AIG.
One of my bottom feeder limit orders fired today ... VTI @ $36. Time to set the next limit order ... VTI @ $32. How low will it go?