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On Thursday President Obama introduced some new rules to prevent a return to the "old practices" that led to the financial meltdown.
Although they are complex the Street is largely focused on two major points:
They are:
- Banks would be prevented from owning, investing in or sponsoring a hedge fund or private equity fund.
- Banks would be barred from proprietary trading operations, unrelated to serving customers, for their own profit.
(Proprietary trading refers to a firm making bets on financial markets with its own money, rather than executing a trade for a client – and can be enormously profitable.)
Investors immediately crushed big bank stocks but the question is why? Some investors interpret the sell-off as a response to uncertainty.
“Can you be comfortable owning financials with so many unknowns? Personally, I would not want to own them until I understood what the new rules of the road,” says veteran trader Kaminsky in response to owning Goldman shares.
Others see the sell-off very differently. People like Lee Markowitz of Continental Capital Advisors thinks bears seized the moment – and used the catalyst to begin a long-awaited correction.
"We think stocks have been ripe for a fall," said Markowitz in a Reuters interview. "If some of these banks start to sell, the credit-induced rally of the past 10 months is over and is about to have a pretty bearish reversal."
from CNBC FAST MONEY
Were the markets overdue for a correction? If Obama hadn't provided this catalyst would something else have taken them lower?
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