Barry Robbins

Financials Offer Patient Bulls Many Opportunities

I read today that 10% of the homeowners in the entire country have negative equity in the their home. This is terrible because when people need to move, then they will have to take money out of the stock market, just so they can "sell" their house, if they are even able to find a buyer.

Home prices have risen far above the historical average. Until home prices come down by 20 to 30%, I can't buy any financials. Also, hundreds of billions in writedowns have essentially been hidden in the monoline insurers (MBIA & Ambak).

I know eventually financials will be a great buying opportunity. I just think the time is still a year away.