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Show Notes

Summary of the day

* Low volume

* SMH lifetime highs

* Bitcoin under pressure with regulation around corner

* $WFC in news about predatory lending and targeting certain demographics

Breadth

* 812 new highs

* 210 new lows

* 52% advancing 43% declining

* 25% below 50 day ma

* 41% below the 200 day ma

Stuck out

The Wells Fargo news, while not surprising, is sad. The customers have been sold this “American dream” which just is fictional at this point.

“Regulators caught Wells Fargo, other banks in probe over mortgage pricing discrimination”

Published Mon, Dec 11 202310:00 AM EST

https://www.cnbc.com/2023/12/11/wells-fargo-mortgage-lenders-probed-over-racial-discrimination.html

Key Points

* Wells Fargo received an official notice from the Consumer Financial Protection Bureau on problems with its use of mortgage rate discounts, sources said.

* Wells Fargo hired a law firm to grill mortgage bankers whose sales included high levels of the discounts, said the sources.

* Several banks received MRAs about lending practices last year, the CFPB said without naming any of the institutions.

* In their industry review, regulators found “statistically significant disparities” in the rates in which Black and female borrowers got pricing exceptions compared with other customers.

Strong

Weak

Mag 7

What to watch

Tue CPI 8:30am

Wed FOMC

Watch mag 7

Watch yields

Economic data

https://www.marketwatch.com/economy-politics/calendar 

Financial Freedom is not free, but the pursuit is worth the treasure.

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