How can 10.72 be a great buying opportunity? It hit 10.55 today and closed at 10.66. As bad European news comes out in the months ahead it will drop even lower. Its dumb/unsuccessful financial mentality; afraid to miss the party.
"you can't lose buying at these levels. unless you're one of those who believe the world is about to end."
I have been short the IBEX (which is 20% STD, 32% total Spanish banks) for several days.
I am remaining short into the weekend. I think that in the US people have not understood how serious the situation is in Europe, where I lived for 11 years.
Coverage here (clowns on Marketwatch, CNBC) has been dismissive of the sitatuation, but if you read the Financial Times and Financial Times Deutschland over the past few days, you would have seen that Greece *is* bankrupt, and one way or the other, European banks are going take a massive haircut of some kind.
The market rally here yesterday afternoon on meaningless news was an indication of this disconnect between NA and European markets.
In fact, commercial paper may now be involved, Italian banks plunged this morning. The situation is quite serious.
"santander doesn't have great exposure to greece. they aren't even mentioned in the above article."
With all due respect, your argument contains an implicit premise: "the author of the article knew what he was doing." In any case, he emphasises that UK banks are exposed.
Santander has acquired banks all over the EU, including in the UK. Do not kid yourself that a European bank of that size might somehow not own a lot of Greek paper. Until recently, this stuff was high yielding EU Sovereign paper--like cotton candy to any bank.
Finally, even if STD did not, against the odds, have such exposure directly, it has it indirectly through its many counterparty relations to other European banks.
santander doesn't have great exposure to greece. they aren't even mentioned in the above article.
i just bought some here at 10.68. seems like a great price historically looking at charts and with a solid dividend...you can't lose buying at these levels. unless you're one of those who believe the world is about to end.