re: This appears to be more of a reckoning than a correction...my goodness,

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A lot of regionals have O&G loans on the books.

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I know nothing about Iberia Bank's condition but I'd be tempted to short their stock now.

For future reference its stock price is currently $44.46.

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They supposedly stopped putting new O&G loans on the book pretty early.

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I'm specifically referring to their commercial and individual loans collateralized by real estate in the O & G footprint area. That would include working capital lines of credit, real estate development loans and HELOCs made to individuals.

Is a restaurant in Morgan City an O&G loan?

No, except when that restaurant's customers work in or rely upon O&G for their income.

The same for apartment development loans and a HELOC made to someone who owns or works at a hardware store or dress shop, for example.

Those are the "hidden" O&G loans that sneak up on banks even if the banks were prudent in ceasing to make loans directly to the O&G industry.

Maybe Iberia Bank has been using risk systems to avoid concentration in those types of loans mentioned above. But I doubt it. Again, I don't have any insider info about Iberia Bank. Just a hunch based on having experienced the 1980's oil crunch.

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I bought JPM at $55.63

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Sold it today at $56.53.

Tried to jump back in at the end of the day but 3:00 hit before I could submit.

Question, what's the feeling about Fed Rate hikes?

IMO it's physcological. We're so low, and it's going up so little and so slowly, I can't see it stunting growth. If growth gets stunted, it is for other reasons. Growth is stunted currently anyway. Now there might be more of an impact on cc rates and mortgages. I don't know that for sure. And that has impact. How much? Who knows?

But if you asked me for a list of things that concern me, rates going from virtually zero, to still virtually zero, isn't high up on my list. I think we have some other issues to get through first.

But no one really knows. Everything is so interconnected. Consumers tied to everything for measurable reasons, tied to everything due to confidence, spending and sentiment. Europe tied to the US, China tied to Europe ad infinitum.

One piece of a vast puzzle that at least 50% of the experts are wrong on. Really more than 50% when they jump on the bandwagon of group think. Which is kind of one of the signs of not good things happening. Something similar to the cab driver talking about synthetic longs and other exotic trades.

Thanks, I appreciate the comments...

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I'm holding my breath for you Russian but looks like your 3 naysayer criteria is holding some ground so far.

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It sure seems to be holding so far.

I posted a couple of weeks ago in a "sky is falling" thread regarding the stock market that "2 or 3 more threads like this one and it will be time to go all in into the stock market."

A week or so after that someone started another stock market apocalypse thread and I replied, "one down, two to go."

Then another similar thread a few days later and I replied, "two down, one to go."

Then another doom and gloom thread and I said "Bingo!!"

It's been a long-running joke since the 2008/2009 market crash that once we get so many "the end is near" threads, it shows the pessimism is pervasive enough that the bottom of the pull back must be close.

It's NOT scientific by any means, just a way to play on Warren Buffett's saying, "Be fearful when others are greedy and be greedy when others are fearful."