I am not enthralled with penny stocks myself, they have a habit of taking my pennies from handline.
I'm posting a link to the 15 regional banks that the majority of which are nearing the 52 week lows. I'm thinking that some of these Banks, especially those with subsidiaries in investment banking, and securities underwriting like USB, might be worth tracking.
Unfortunately, I'm not sure if banks are the place to be. The rise in interest rates typically portends reduced lending i.e. profits... I made a play on Barnett Bank, which got bought by NationsBank, which then merged with the biggest dog in the industry, BofA... Hugh McColl should return every dollar he's made in the past 5 years on that one. lso into a couple of regionals, but overall, the sector is looking a bit weak. Hope I'm wrong for your sake and mine....
However, I did sell my CHL today at 200 (acq @ 27), so that makes up for a lot of sins.....
While I have not done well recently with US banks, there may bea buying opportunity for thebottom-feeders among us in Ireland. Last year, the "DIRT" scandal broke, wherein it was revealed that Irish banks had allowed domestic depositors to "pretend" they were depositing directly in off-shore, taxsheltered banks. The largest banks in Ireland - Bank of Ireland (IRE), Allied Irish Banks (AIB) al got caught and prices have fallen ever since.
It is not reasonable to believe that the Irish government will pummel it's own banks (and their depositor-voters) into the ground, but they are all trading at lows nonetheless. And all this, at a time when Ireland is the fastest growing economy in the entire European continent, and a growing center of e-technology on the "east" side of the Pond.
Anyway, now that Bank of scotland lost their takeover bid for NatWest, the low-cost Irish banks could conceivably be an acquisition target. I jumped into AIB yesterday.
I guess I just can't stay away from these government-stock entanglements.
Voluntary Position ASL: Long & Holding Voluntary POsition AIB: Long & Strong Buy
Handline, just bought some Key Corp. At or near a 52 week low with a p.e. of around 7, they make about 2.40 ashare and pay a dividend over a buckten. Was told by a mortgage officer with a different company that Key may be a take over candidate. Hope that didn't upset legal-beagle.