Whale Watching

Friday March 15, 2013.  The Dow has had 10 days in a row of positive gains, none of them large but gains none the less.  Like I said earlier, the market just appears to be drifting along looking for some sort of catalyst to send it higher or lower.  The nations top big banks were given the go ahead by the Fed to pay out dividends and buy back stock.  The exceptions to this were Ally Bank, no surprise there, and BB&T, BBT, this one was a surprise.  I didn’t realize that things were still going that poorly down south.  The true entertainment today is the Senate hearing to investigate JP Morgan, JPM, and the London Whale trade that blew up and cost the bank around $6 billion.  While I don’t expect this hearing to change anything it will be interesting watching Jaime Dimon claim ignorance and ask for forgiveness.  There is a new phrase going around and it seems to ring true especially in this case: To Big To Jail and To Big To Fail.