Man..it seems all the previous support levels for the bank stocks have vaporized. Look at mer, leh, wb, c, etc... almost in a slow freefall.. how low will the banks go, i mean at some point the book value has to kick in...
on fox 2 saturdays ago eric bolling hyped up GS and said it would trade as high as 200 after earnings....
Well either we are about to hit a market bottom and this is the big capitulation we have been waiting for or it's the start of something much worse. Either way the faster the financials go six feet under the better off the market will be.
GS is more powerful than the fed or President at this point. Never underestimate them. They nearly always have the right trades.
I think buying financials soon will pay off greatly over the next 3 years....I know its tough to buy the bottom and sell the top, but adding even a small position wont hurt, I would not suggest going all in at once, but buying small increments of XLF, I would stay away from the individual plays and stick with the ETFs.