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Christmas is round the corner and investors were hopping for a Black Friday that would bail out the retailers. As predicted, the biggest winners came to be discounters and the department stores. Investors preferred to move in with Wal Mart( WMT), Target(TGT), Macy’s(M), Nordstrom(JWN), while carefully ignoring specialty stores such as Abercrombie & Fitch( ANF), [...]

Earnings season is upon us and I think it bears remembering that earnings season has generally been associated with very bad news for banks over the past two years. Every earnings season is filled with surprise writedown announcements and capital shortfalls in the banking sector. We should expect this earnings season to be no different. [...]