With oil down and another gigunta MER writedown, asshole dip buyers find it reasonable to buy the banks, apparently. As a matter of fact, yesterday’s entire leg down has been erased in the banks. Go-fucking-figure.
If there is one thing to learn from all this, just know that the market is never right. I know a lot of people out there love to say “the market is always right.” I don’t think so.
The market eventually gets it right. But, for the most part, it is chockfull of brainless chickens, clucking away, buying stocks with impunity.
At these levels, I like [[SKF]] and [[SRS]]. Hell, I even like [[FXP]]. But that doesn’t mean I will be right tomorrow. For all I know, I can be wrong for the next month or two. However, as you well know by now, my God given right is to bank coin in the market. So, one way or another, I’ll figure it out.
At the moment, I am redoubling my shorting efforts in [[TCB]]. This stock, like many other regionals today, is sprinting higher, for no good reason. In my estimation, this fucker should be resting its laurels around $10.
Furthermore, I am taking this spike to sell off some more longs.If you enjoy the content at iBankCoin, please follow us on Twitter