Stocks like Ambac, they hated it at $2, love it at $7. BAC has strong support at $27, heavy resistance at $34...for BAC it is just the quants playing the stock doing their best to get shorts to cover high and longs to sell low. One thing bullish about financial stocks is that they all have very strong support. PNC, BAC, BBT, MER, HBC all refuse to go below support over and over again. That has to be frustrating shorts tremendously.
But there was a lot of across the board short covering in financials on low volume, this is not accumulation but a lot of shorts covering before going on their vacations.