No reason to touch financials here long. C looks like its going down. Who knows how the chips fall from the ripple effect if that happens.
bottomline.......funds had ridiculous amounts of BAC to sell......this morning created a great opportunity for them.....JPM with good earnings......market due for a rebound......it was some relentless selling this morning.
C already failed. The government TARP is like the equivalent of re-worked mortgages: they still are highly likely to default.
I'm tempted to build a position in BAC as a long term investment...but over the past year stockholders have not fared well in companies where the government has stepped in. Are things really so bad at BAC that the government could dilute the hell out of the common stockholders, or do something else that punishes them?