Goldman Sachs report states that banking turnaround will come within 9 mos. and the market sells off in banks.
This is idiotic. People who bought this bank aren't planning on holding it for longer than nine months?
I would take this as a pretty upbeat report. Goldman is calling the end of the banking crisis within the year, and people aren't happy? Just a couple of months ago, there was no end in sight.
Am I the only one who thinks this is stupid?
So here's the question to all the folks that were saying, let's wait till the banks start going back up and then buy in. Do you buy now? Are you feeling lucky? Well, are you? Or are you going to wait and watch it hit $40?
Because now, I'm starting to sell out the shares I was buying under 22 and I'll still have a good sized position if it continues up. But people buying now, could have a long way down to go if this is a short rally. And if it does go back to 22, I'll be buying back the shares I'm selling now.
My goodness, what a tirade. I trust you are living outside the US and have all your money in -- perhaps China where the indexes are down over 50% this year?
A real puzzler why you are even posting.
If the world goes into stagfaltion, the US markets will be one of the very few safe havens around.
I agree with much of this. Anyone who thinks they made a killing in the stock market the past few years is kidding themselves. When you factor in the decline of the dollar, it was a wash.
The whole bull market was more or less smoke and mirrors. And our wonderful Fed is at it again. What bubble will they create this time? Commodities is the obvious answer, but it is too early to tell.
Well, I had a huge trading position of BAC. I sold it today as I don't like to question the Market. Just bought eln with that and happy so far. In the past, i used to question the market. The reason I bought BAC was for short term bounce (some call it dead cat but as long as it brings in $$, I just do not care) although long term trend looks horrible. The problem with BAC is everyone is looking for the bottom and bottoms in major stocks after long downtrends are usually messy. My 2c.
So let me get this straight.. are you saying that all the smart people think that the banks won't turn around for 9 years? Please point me to a link with that expert opinion.
But let's explore your argument. If all the smart people think that it will take 9 years for banks to turn around, what will happen if it happens in 2? or 1? Hmmmmmm...
Lewis also told Whitney he wasn't concerned that Bank of America would operate below its Tier 1 ratio target of 8% as it acquires Countrywide Financial Corp. ( CFC). Lewis said he sees Bank of America steadily earning its way back to its target ratio over the next several quarters. Bank of America's Tier 1 capital ratio was 7.51% as of March 31.