Havashank in your side,
You got to stop with gotcha politics and cherry picking from paragraphs man, god you sound like a media tool bag. The call for .68 was when the stock was around mid eighties? No? That was obviously wrong! I stand corrected on that statement...hence the price went up not down...but did I say it was going from 1.25 to .68 hell no and I would not bet on it either. Picking out statements and adding them to something I have said in the past is assholery. The reason I felt the stock could run up to 1.25 was the increased volume in the premarket am session, 5 million shares traded that is a good bit. If the shorts were to run scared and cover early the stock could have moved even higher, hence my rush to get access to my account. The stock is up 4% today, some of my short positions move 7-10% in a day so no biggie. For what it is worth I shaved 5k at 1.14 and the stock is at 1.12 so was that a good move or a bad move, obviously it was the right call. This market from March to now has been the biggest and fastest re-inflation of a bubble I have ever seen at least in the past 11 years. ? for people investing in banks, where has all the bad debt from housing gone, lost recap of principle, not to mention future interest payments that are gone for ever. Know one knows and TARP did not fix it, TALF?, nope, where did it go? Banks are tight on lending and they are borrowing at close to 0, what happens when the fed starts raising rates? Profits are going to get squeezed, period. I would not touch BofA or Citi with a ten foot pole. You have to understand business can only fire people and cut cost to a point, tweaking your business model to get better numbers can only go on for a short period. Eventually you have to grow the top line to, increase sales, and that is not happening. Top line growth has been terrible and will continue to be. As for today yes the banks are leading today but why? I have said this in the past and I will say it again, housing is not fixed and might not be for 3-5 years. You home is not going to stop sinking as long as supply is at an all time high. It might take 2-3 years for your house to level off and 2-3 to start appreciating, that growth might be 1-2%, the days of 10-15-25% in a year are over, forever. I just had a conversation with an older gentleman, 65+, he lives in Atlanta and is the concrete business, he said the subterranean business (pre-concrete) are doing NOTHING. No growth, none! The only area in housing that is doing anything is high end custom homes, mid and low are dead. People going for loans on high end construction have no trouble getting financing because they are already extremely rich, they could purchase with cash if they wanted, thats not the case for 95% of Americans. The next couple of years with unenjoyment hovering at current levels is going to be bad, don't get it twisted. Don't be afraid of cash! Like Aurthur Laffer said, I will be happy to miss the upside just as to not experience the downside that is coming. Laffer, Pimpco crew and Whitney are some of the smartest investors in the market and they say to be cautious but when Big Ben says it ,he is clown. Time will tell. Good luck and god speed.
siri 50 million shares traded up 4% plenty of time to take this pig down. Speaking of pigs I am stopping on the side of the road and getting me a big ass skewer with fresh pork and plantains. Got to run.