Ever hear of the Bum's Rush? That's when they get things going so fast you don't have time to think about it, but when its over and your wallet is missing you say "What just happened?".
It seems to me what we have seen with the banks is like that. Now I'm holding banks in my long term account, so I want them to go up - BUT.
The banks were given the results of the stress tests two weeks ago. They knew they needed to raise capital. The underwriters knew they needed to raise capital. The very day of the stress test results, yesterday night, they announce they are going to have secondaries TODAY.
For the last week the bank stocks have been on fire. A big crescendo lead up to today's spectacular increases in price even in the face of dilutive secondaries.
Just short covering as the talking heads on TV say? Or institutions in the know driving up they price. How many of those new shares purchased at a discount were sold today into the massive rally?
All I know is, even though I profited from today, I wonder if some buyers today won't wake up in the near future and say "What just happened?".