ssshhhh, i thought that was my secret. i've been loading up on banking for two weeks now. i either have really big balls or i'm dumb as a stump. both, most likely. but, imo, c is a bargain basement buy. pnc is flying under the radar,and ntrs will really surprise.
I turn it off when their resident nutjob comes on (Cramer)...
I watched Fast Money today, and I agree completely that removing or relaxing 'mark to market' is one of the main things everyone is talking about all day long on CNBC...
I can't tell you how many guest speakers I've heard over the past few weeks that say that is THE most important thing that must be done to get the Financial Sector back to being healthy...
Just because there's a "hearing" on March 12th doesn't mean they are going to "vote" on it anytime soon...If Pete Najarian says they can move a double next week, I believe him...
I'll take a small position in XLF and another in FAS just to be on the safe side of this bet...Our market won't be able to have a sustainable rally without the Financial Sector...The Dow was up 220 points before FAS even went green this afternoon on the worries about GE losing it's AAA rating...If that happens anytime soon, all hell is going to break loose IMO...
re: FAS today...I think that today's rally was based totally on the news that China would be increasing it's stimulus efforts, and that would be good for the miners, oil, and heavy equipment builders, etc...It had not much to do with our situation, and I don't think the rally was real...
It was nothing more than an oversold rally since the RSI on the DJIA and SPX daily charts was at 26...See what happened last time it was at those levels...We got a huge green candlestick the next day, and then the market crashed again right after it...If they suspend 'mark to market' I'm sure the A/D line will actually move UP on an up day, not like what happened today...I'm still calling for Dow 6000-6500 UNLESS they suspend 'mark to market'...
What I found interesting about today's rally was all of the terrible economic data we got today, added to yesterday's terrible numbers...So what if China is going to pump more stimulus money into their economy because it's bad...Our problems are just as bad, and seem to be getting worse...
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