While most traders are too scared to go near the banks, smart money is accumulating. This is not another Lehman situation. The global central banks will not allow that to happen or even come close to happening. These banks will bounce into the July 4th holiday, surging on short covering and institutional buying. This may be a near term bounce but a big bounce none-the-less and should be played for profits.
In addition, the technical stock charts are confirming this with many of the biggest banks hitting major support today. This is a great buying opportunity to scoop these plays up.
Gareth Soloway
InTheMoneyStocks
