Well, maybe not, but if you read my very last post from Thursday, I blogged about some articles I read that indicated interest rates could be rising again. Would you believe I received updated rates Friday afternoon that showed about a 1/2% increase in long term rates? Treasuries began advancing after more dismal economic news.
Okay if this hasn't convinced you on the Nostradamus talents of Banker Bell, then search my posts on financials, financial sector, bank stocks, etc. Today's bank news is just bad. S&P cut the credit ratings of Lehman Brothers, Merrill Lynch, and Morgan Stanley and said the overall outlook on investment banks is mostly negative.
Wachovia may be added to the list next after firing their CEO. And speaking of being fired, Washington Mutual has taken back its title of Chairman from their Chief Executive. Bank of America, JP Morgan Chase and Citigroup were also thrown into the fire as S&P changed their outlook to negative on these companies as well.
Here's the Reuter's article posted on CNBC.com: http://www.cnbc.com/id/24936376 and here's an article about the Treasuries beginning to climb: http://www.cnbc.com/id/5990199/for/cnbc/.
Does anyone recall me blogging about your mutual funds being laden with financial sector stocks? Here's one of the posts: http://bankerbellsblog.blogspot.com/2008/03/so-whats-up-with-this-economy.html
Have you checked your investment funds lately? While the idea is they diversify your portfolio, they can still have industry exposure and open you up to some serious losses in the event of industry issues like we're witnessing in the financial sector.
What's your banker reading? Are they staying on top of this ever-changing economy and bringing you the latest info?
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