SNV was in the mid $1.40's just last week...... Todays gain does not even get us back to last weeks levels....Everyone get real. This thing is not going to POP overnight. If you got in in the last few weeks, you could double your money in a year or so, but most of us here need it to double just to get back to even......I have no reason to smile yet, nor should you unless you are dilusional.
I agree!! I went all in when it got down to 2.00 bucks. Had been buying in batches from 2.30 on down. So here I am stuck with a high average frozen like a deer in the headlights as it went down to 1.25 I couldn't get out or trade on the way down because I kept telling myself no way it could go down any more and with 2nd quarter earning coming and going I felt sure there would be a pop. That last bad day when it went from 1.50 to 1.25 was really brutal. But as we have been trading in this range from 1.25 to 1.50 I've been able to sell some just below 1.50 and buy back in low 1.30's . I'm not a day trader but felt I had to take some chances to lower my average. Managed to free up and get back to even on 33% of my capital so far which I'm putting to work down here in the 1.30's. The only fear I have is missing out on a big run like we had at the start of last Dec. Rode that puppy up and ending the year up 40k which I sold out of at the end of last year and beggining of Jan. I figure if it breaks 1.50 and closes above that I will be fully invested. Until then I'm playing.
Another point. The FDIC doesn't revoke insurance based on "assessment of risk." The decision is based on the bank's capitalization ratios.
The FDIC has latitude in revoking insurance for "undercapitalized" banks (another 20 Georgia banks could be closed tomorrow if the FDIC applied that standard literally, but is only required by law to close "critically" undercapitalized banks.
Just a small technical note:
The FDIC has, to my knowledge,never actually closed a bank. Instead, when the FDIC becomes concerned they tell the charter issuer that they will pull FDIC insurance. The charter issuer at that point revokes the charter and then places the bank in receivership with the FDIC.
whiner, i'm happy, but i only had a little SNV at 2.65 and now i have alot at 1.19......the banks are slowly recovering, this is a good long term story or maybe a short term buyout, but either way NO ONE IS ASKING WILL THEY GO BK ANYMORE!!!!!! The turnaround is at hand.