Breakout levels for week 46 which you can compare to last week breakouts.

For details see also: http://www.2hedge.com/mmevbo.html 

More US bank failures going on and now a total of 115.

It’s the most failures since 1992 when 181 banks collapsed during the saving-and-loan crisis.

Read the full article here:

http://online.wsj.com/article/SB125695616220920387.html?mod=WSJ_hps_LEFTWhatsNews

The Federal Deposit Insurance Corp. said that FBOP, the holding company, wasn’t closed as a result of Friday’s actions. The nine banks, however, essentially represented all of FBOP’s assets, which would potentially leave it without any other operations.
U.S. Bancorp, the large Minneapolis-based regional bank, agreed to assume essentially all of the nine banks’ combined assets of $19.4 billion and deposits of $15.4 billion. It is the latest in a flurry of failed-bank acquisitions for U.S. Bancorp, which avoided much of the banking industry’s pain due to its conservative strategy.
“This transaction is consistent with the growth strategy that we have outlined many times in the past, which includes enhancing our existing franchise through low-risk, in-market acquisitions,” said Rick Hartnack, vice chairman of consumer banking for U.S. Bancorp.
The latest seizures raise the total number of failed banks this year to 115. It is the most failures since 1992, when 181 banks collapsed during the savings-and-loan crisis.
Bank executives and other industry members expect the pace of failures to accelerate through next year as more community banks topple under the weight of bad real estate loans.
The FDIC said the failure is expected to cost the agency’s deposit-insurance fund $2.5 billion.
The FBOP banks include Bank USA in Phoenix, Ariz., California National Bank of Los Angeles, San Diego National Bank, Pacific National Bank in San Francisco, Park National Bank in Chicago, Community Bank of Lemont of Lemont, Ill., North Houston Bank of Houston, Texas; Madisonville State Bank in Madisonville, Texas; and Citizens National Bank of Teague, Texas.
The banks, which have a total 153 offices, vary in size. The largest is California National, which had 68 branches and $6.5 billion in assets as of June 30. The smallest is Citizens, a one-branch bank with $102 million in assets that is located about 100 miles south of Dallas.
The FDIC and U.S. Bancorp entered into a loss-share transaction on approximately $14.4 billion of the combined purchased assets of $18.2 billion.
FBOP is owned by banker Michael Kelly, who also serves as its chairman and chief executive. The company bought 28 banks between 1990 and 2007, according to its Web site, expanding from its single bank in Oak Park, Ill., into California, Arizona and Texas.
Along the way, the banks barreled into real estate and FBOP grew into a mid-sized regional entity.
FBOP has been struggling for months, decimated by bad loans and a securities portfolio that took a big hit from investments in preferred stock of government-owned mortgage lenders Fannie Mae and Freddie Mac.
Still, Mr. Kelly was trying to hang on. The company unsuccessfully applied for government funds through the Troubled Asset Relief Program. As recently as a few months ago, he approached potential investors about buying other distressed banks, according to a person familiar with the situation.
Federal regulators clamped down on FBOP in August, ordering the company to raise capital, reduce its real-estate exposure and overhaul its risk-management practices.

Breakout levels for week 45 which you can compare to last week breakouts.

For details see also: http://www.2hedge.com/mmevbo.html 

There is a big free online webinar going on this week with a lot of technical analyses. 

It starts today and will end Friday evening.

http://www.tradersworld.com/conference/index.html

Breakout levels for week 43 which you can compare to last week breakouts.

For details see also: http://www.2hedge.com/mmevbo.html 

(no breakout report for week # 44)

Houesehold debt has zoomed from 113% to 180% in s few years time.

Read this very interesting article about the real USA economy.

What will it means for Forex ?

http://suddendebt.blogspot.com/

Breakout levels for week 42 which you can compare to last week breakouts.

For details see also: http://www.2hedge.com/mmevbo.html 

Arab states have launched secret moves with China, Russia and France

to stop using the US currency for oil trading.

http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html 

Next week breakout levels which you can compare to last week breakouts.

For details see also: http://www.2hedge.com/mmevbo.html 

Next week breakout levels which you can compare with last week breakouts.

For details see also: http://www.2hedge.com/mmevbo.html