socialmedian: Banks! Misunderstood STEAL of the CENTURY

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Banks! Misunderstood STEAL of the CENTURY

Submitted by A F from blog

Mar 24, 2009

Summary

I first blogged about why if you did not believe in Armageddon you MUST be in bank stocks back in late November of last year (right when the XLF bank ETF bottomed that year in the mid 9's). Checking my stocktwits feed, you would read that I was at that time "nibbling in" using the XLF as my proxy for the banking sector.

Fast forward toa few weeks back, and you would see that I became VERY aggressive on the secotr, and I Stocktwit'ed that I was now in FAS (FAS is a Direxion "3X" levered ETF), a VERY agressive bet for anyone.

I really DID put my money where my mouth is (Pic below is an actual cut and paste of my Etrade account showing my FAS Position which I bought in the 2's and still own).

NOTE: I am NEVER a Pig (Bulls and Bears make money...Pigs get slaughtered) - But even being up 150% in my FAS position Banks are still CHEAP!

This is the perfect storm for banks. Unless you're from Mars, you HATE banks. No one understands banks. Last year, banks lost BILLIONS (each). So why buy banks? Well the first reason is the same one I reasoned back at the end of la ...Read the full article

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