Whether you call it a reality check...
...a wake-up call...
...or a splash of cold water reality,...
...based on the following MarketWatch report, "October Surprise from Bank Earnings?" it appears that lots of people are going to be caught out when banks announce their earnings in the weeks and months ahead (I guess they've been listening to the gang that couldn't rate straight):
Some experts worry results may be much more negative than investors expect
Bank stocks surged during the third quarter, but as companies prepare to report results from the period, several industry experts remain concerned.
"We are very early on in this credit cycle," Timothy Long, chief national bank examiner at the Office of the Comptroller of the Currency, said at a recent conference.
"That statement caught everyone by surprise," said Nancy Bush, a veteran bank analyst who attended the conference.