San Joaquin Bank(California)bankrupt

Regulators shut down San Joaquin Bank(pic) based in Bakersfield, California on Friday, marking the 99th failure this year of a federally insured bank.

It had $775 million in assets and $631 million in deposits as of Sept. 29

The FDIC said the bank's deposits will be assumed by Citizens Business Bank, based in Ontario, Calif. Its five branches will reopen Monday as branches of Citizens Business Bank.

Many vulnerable banks are in limbo. Regulators have threatened to close them unless they shore up their balance sheets, but the recession has made it difficult to raise capital or sell assets.

Many of the banks that have failed since the pace accelerated late last year have been small community banks, with less than $1 billion in assets. Failures have been especially concentrated in Georgia, California and Illinois.

Many smaller banks were felled by losses on ordinary loans amid the souring economy, tumbling home prices and spiking unemployment. These loans contrasted with the complex securities favored by Wall Street investment banks that triggered the financial meltdown and global economic.

Seattle-based thrift Washington Mutual Inc. fell in September 2008 with about $307 billion in assets, the largest U.S. bank failure ever. crisis.

California lender IndyMac Bank, shut down in July 2008, was the costliest failure for the insurance fund -- an estimated $10.7 billion loss.

In August, Montgomery, Ala.-based Colonial Bank, a lender in real estate development, became the biggest U.S. bank to fail this year and the sixth-largest in U.S. history, with about $25 billion in assets. It's expected to cost the fund about $2.8 billion.

The Dow on Friday,Index Futures Expiry Day.
Asian index Futures,10market days to go.

9:30am:--A hefty 100.00 points unshaven top bungee jump.
Theme play:Disappointed

10:30am:--Graveyard dojis at session low.

BAC & GElectric poor results.

11:30am:--Bearish inverted hammer,slim chances of opening gap down fully filled.

The U.S. budget deficit hit a record $1.4 trillion in the just-ended fiscal year

12;30noon:--Signs of inverted bull.

Data showing weak consumer sentiment.

1:30pm:--Retracement to MAV met by graveyard dojis.

U.S. industrial production rose in September for a third consecutive month.

2:30pm:--MAV resistance second attempt failled.Hit by bearish dojis.

U.S. crude oil futures rose by 95 cents a barrel to $78.53, their highest settlement price in a year.

3:30pm:--MAV breakout checked by morning star.

4:00pm:--Pullback with a bullish spin.
A bearish hammer aka profit-taking on the last day of index futures expiry.The Friday's bear needs another smaller bear to tango and that will be covering back Wednesday's 14th candlestick before the bulls find its sitting again.
Overall the October's candlestick is still in a bullish formation.

Stocks were also hurt by a report showing a surprise drop in consumer sentiment.

Disappointing results from Bank of America and General Electric also weigh Friday's market.