Monday, July 26, 2010

The Whatever Bro Award

After beefing their 2q2010 to the tune of (0.84) per share against the expectation of only a 55 cent loss ZION ran over 10% in three days to close the gap left by that train wreck they called earnings.  They also announced a penny per share dividend as of last Friday.  How kind.

Charting.  Down trend remains intact until the $23 level, which also happens to be the present location of the 50 dma.

As a bottom picker, the weekly chart actually looks good for a shot if you can get past their consolidation of loan assets in the Western sand states.  These things aside, I have resolved to hate super regional banking into the core of my soul.  They're all telling bald faced lies in collusion with the same Fed and SEC that charged Goldman with failing to accurately disclose.

This blog post serves no purpose but to highlight the fact that this past week's run has been an equity grab of cosmic proportions.  Squeezing shorts may bring nice appreciation over the short to medium term, but eventually there better be fist behind the mouth.  For anyone feeling brave, or perhaps suicidal, Ford just hung two consecutive gapped candles into the nether regions outside of two standard deviations on the daily.