Down 200 with banks stocks leading the decline.
And I didn't even see it coming!
/
So...Will there ever be a buying opportunity of bank stocks? Regions Bank, bank I do business, stock was around 3.70 today. I actually own it....at 4.00. LOL
I don't think the bottom has been reached yet. You don't even have to be one of the big money center banks to get whipsawed by the gyrations due to Euro issues or our own debt woes, currency devaluation, inflation, and especially our psychotic home lending environment that ensures instability even if we weren't experiencing economic decline and wealth evaporation. Some regional and smaller banks may be in better situations, but that can vary from location/region depending upon the risks on their balance sheets...too heavy one or more hard hit sectors could be troubling. I don't put a whole lot of stock in government ratings, as they will err towards caution where there is perhpas not as much and understate real risk for fear of generating panic. It is why we see a much higher failure rate than a troubled rate...they're letting the bad news settle on a cash basis. Until the economy is repaired bank stocks will be skittish, and until national debt is pared and the currency no longer a chew-toy...and especially until every pass-the-buck-to-the-taxpayer law on the books from CRA forward is eliminated banks will never be stable, they may be nominally solvent in the interim, but if structural reforms are denied the rollercoaster ride continues. Just my 2 bits...
