This is ridiculous and absurd. Under $22? PLEASE. The bounce is coming and it's coming soon. Things have to make sense, and sooner or later they will. Bounce will be here possibly later today, but certainly by Wednesday.
People - and investors - are sheep. They tend to follow the crowd or the momentum. Not only in their actions, but in their thinking. This is a perfect example. At some point soon the sellers will realize how silly they are. It always happens. It's really that simple.
The problem this morning seems to be that Paul Miller, mortgage maven (whatever that means) says that residential construction lenders are in deep trouble including BB&T. I believe that John Allison has said in the past that BB&T has very few residential loans to spec home builders. Everyone seems to be speaking for John Allison about the problems at BB&T.