Investors don't like uncertainty or the padded following statement:
"We cannot discuss any details of the informal inquiry. Given the pending securities litigation and the current banking environment, this type of request from public companies is not unusual. As stated in our public filings, the SEC has not asserted that Synovus or any person or entity has committed any securities violations. We intend to fully cooperate with the SEC to resolve this matter."
Hated to bail on this one but I had watched it try to break 200 day twice and it just could not do it. The chart was signaling a double top and I tried to ignore it. There is no upside at this time absent unexpected good news. I truly believe no of really know anything but we have to react to whats happening. I can not lose. I took my profit. I will be watching this closely. I think it could go back and test the 1.50 and who knows where she goes from there. Back in the early 90's with the S&L debacle. Two stocks Bank of Boston and Bank of New England both went to this level that SNV has. If you bet the farm on Bank of Boston, you cashed in big. If you bet on Bank of New England, you lost everything. Funny thing was there was no way to know. You either got luck or unluckyjust like throwing darts.