Seeking Alpha

The odds that many bank stocks will be available at lower levels in the next few days are good...

The odds that many bank stocks will be available at lower levels in the next few days are good and getting better, David Penn writes. It's easy to forget just how overbought some of the banks are: Before today, ZION had closed higher in 14 of 16 previous sessions, KEY had finished higher in seven of eight, and BofA (BAC) had jumped by more than a third since Dec. 19.
From other sites
Comments (4)
  • Jolly_Rancher
    , contributor
    Comments (566) | Send Message
     
    So because they did, they will. Famous last words. And how much does he get paid?
    13 Jan 2012, 06:07 PM Reply Like
  • MexCom
    , contributor
    Comments (3058) | Send Message
     
    With the end of year selling gone the supply at the low prices dried up. Now the shorts are panicing. And, the flow of bad news is not getting too much worse. Horrible to have a fundamental stable situation.

     

    Make 'em mark to market until the crap is completely out of their shorts. This rally has a long way to go!
    14 Jan 2012, 07:12 AM Reply Like
  • adventurist
    , contributor
    Comments (12) | Send Message
     
    The worst performer (JPM) already reported on Friday. On that same day BAC closed 3% higher than the opening price. This next week will be good news from many banks -- C, USB and BAC. In fact, BAC might outshine everyone -- StarMine estimates that BAC will beat analysts forecast by 18%.

     

    http://reut.rs/wvEQkp

     

    Watch BAC go $7.50+ by the end of the week.
    15 Jan 2012, 05:02 AM Reply Like
  • MexCom
    , contributor
    Comments (3058) | Send Message
     
    I'd be careful playing this technical run. Analysts are getting too bullish. They are buying this technical trend for stock that is still under $10. The percentage down ticks can be large.

     

    You need to look at the potential loss if the business does fail. I'm bullish but only have deployed a limited amount to possibly benefit from the continued run up. I own the B & A warrants and have close to a double on the B's this year from re-establishing a position in my cash account. It should reach $.70 soon if the November highs can be duplicated.
    15 Jan 2012, 12:14 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs