Wednesday, August 26, 2009

Amoss Update: Comment by Agora Financial



Agora Financial didn't have much to say about the issue today other than the following comment:

  • Dan Amoss' short of a major bank met with some delayed gratification yesterday. At the conference call, Bank of Montreal not only didn't reduce their dividend, they dropped their loan loss provisions.

    That’s good news for day traders, but “a recipe for disaster” for the long haul, Dan tells us. “I still expect a big surge in provision expenses, likely as soon as the quarter ending in October. If you don't believe that the Canadian and U.S. economies are going to come roaring back, which I don't, this is still an attractive short sale.” We think this story is in the early chapters.

Still waiting to see if Amoss will come out with a more detailed statement.


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