My long on Credit Suisse stopped out as it turned out the debacle of the Archegos scandel was not completely priced in. The damage to the bank is HUGE. I’m short targeting a measily $4 – $4 for a bank! Can you beleive it. Could this be the next penny stock.
There are literally so many failings, the discovery that one of hte Archegos salesman was working for Credit Suisse. Along with the Greensill saga are just hitting them. How can this go on?
Although there were good earnings, they are saying the losses won’t really hit till the next quarter which is a huge sell. They are having to get funding. A bank getting funding.
I was wrong to buy it at that low, the disaster is just beginning for CS.
By the way my EURUSD short is holding – ECB meeting today which could encourage it. There is a battle between bulls and bears at this point.
All though we are up 0.8% meetings at 12:45 and 13:30 Uk time could plummet the Euro to new lows. Kerching.
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