You're watching financials bottom right now. It's happening in front of everyone's eyes, most won't see it and will be in later.... but I think the worst is now past at least in financial companies. 6 months from now I could see profits being reported and writeoffs at 0.
All the financials in the sector will not bottom together. Why would they? C will be one of the last. The credit card phase is only just beginning. The biggest boot for C has yet to drop. Check the put option activity......for 2009!
Keep dreaming. I've worked on Wall Street for 28 years and these firms are not even close to disclosing the real exposure that they have. Citigroup's exposure on GM credit default swaps will dwarf the subprime issue. Do yourself a favor; take the money you want to invest in financials and go to either a casino or race track. A lot of these issues will be trading in the single digits in the near future.
Sometimes you cannot see the forest from the trees. So you have worked and are still working on Wall St--Big Deal--if you had half a brain you would realize that the U.S. govt and the Big Money Boys--WILL NOT PERMIT THE BIG FINANCIAL FIRMS TO FAIL---GET THIS--BRIGHT BOY--IF NECESSARY THEY WILL CHANGE THE RULES RIGHT BEFORE YOUR EYES TO SAVE THEIR BUTTS. LEARN IT, AND IF YOU HAD LEARNED IT YRS BACK YOU WOULD STILL NOT BE WORKING ON WALL ST!!