we have an anomoly here. when our president starts screaming about deposite and the senate and house start bickering and we repeat last december budget problems, LOOK OUT... the financials will again collapse. think we (the usa) will get another downgrade. you bet!! remember, there are some countries having problems with their austarity.. greece, spain, italy, portigul, and now germany. tumble time. remember bac going from 9.00 to 5.25 just about 10 months ago... DO YA THINK THIS WILL NOT HAPPEN AGAIN....
Sentiment: Strong Sell
i remember paying 13.88 for bac... i held out till it hit 7.00 (a huge loss on 3000 shares) then i started buying 1000 at a time at 7.02, 6.80, 6.05, and it kept going down. i wound up with 9000 shares.. i started selling as it came up so as not to lose more... in the end i recouped most of my losses.. this timme i sold at 9.63.. tempting to go back in BUT i think it will go lower...
I would agree...just look to last year's uncertainty with Greece ect, however, I do believe that once the fiscal cliff is averted that the stress tests will serve as a large catalyst as well as the improving housing market..
So i'll be looking for an entry point in the next couple weeks-
Also, this week is options expiration. There'll probably be a battle at $9 before going lower or higher next week. Technicals show the market has topped and will trend lower. There's going to be a few days where the market snaps back. Those will be days I'll add to my short.