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You can fool some of the people some of the time but.....

BAC reported $4.2 bil in revenues for the quarter.  2.2 bil on markdown of their own debt.  1.9 bil on China bank investment. Total was 4.2 bil. Credit quality was down.  Loan loss reserves were up.  commercial real estate and credit card delinquencies were up.  What is Ken Lewis going to tell CNBC today at 3?  We are not really really bad.

IBM reports after the close and they are a chronic exaggerator on their numbers.  They have some explaining to do after the SUN Oracle deal.  It looks like the market may tired of being lied to by CEOs and the FED.  The China growth story is off the table with only 6.1% GDP.  They need 8% for any job growth and inflation.  Oil is weak along with gold. 

It looks like global deleveraging is excelerating again.