Spring 2008.....hey, it's 18 bucks, that's 50% off its high! You GOTTA buy! Shortly after that.....hey, it's 50% off of where I bought it at 9 bucks! How low can it go? You GOTTA load up here! The book value is 27 bucks, so it CAN'T go lower! Not long after that....hey, it's 4.50 per share. This is rediculous, it CAN'T go any lower than this, it's a big bank! Another 25% lower now while the market is going higher almost every day now......the lesson is simple.....don't try to catch a falling knife. They are losing money and loan loss reserves just DOUBLED.....LEARN.
And four dollar rodeos can end up ten dollar ones with good bulls, and America has got some good bulls.
Think you guys have it backwards. It is more like the dweebs and Elmer J. Fudds in the financial press were screaming ¨nationalize, nationalize,¨ not so long ago, and those who sold on it ended up losing big returns and selling at the bottom.
Then the Fudds went sell sell sell, this quarter is going to be terrible, yet the big banks came in profitable.
Then the Fudds said yeah but that was due to ¨other¨ things and the regionals will be a disaster, yet the regionals were not a disaster.
Along the way one Fudd said Regions would be a horror show, it wasn´t.
Remember, many of those guys are the same Fudds who said things like buy the originator REITs at $40 in 2005 and 2006, and back then they said put the financials in your IRA and you can score a great dividend waiting for the next leg up.
The Fudds are so easy to counter it is ridiculous, back then all you had to do was look at the bad lending that was going on and you knew to unload the financials, and when they openly called whole classes of them ¨liar loans¨ as if that were normal then you knew to wait a long time before buying into the financials again.
And now, after the financials have been taking big writeoffs, and the worst of the ponzis and irresponsible borrowers are all washed out, they say sell, yet when you look at the underlying lending going on you see that the banks have gotten back to sound lending practices.
You shorts are sounding desparate. A bunch of shorts empty of reasons for not covering yet too whatever to take the opportunity to cover, that is what makes a lot of noise.