Bank stocks

[banditfist]

Bank stocks are buying buoyed by the TARP II hopes that Turbo Tax Timmy Geithner is going to release plans for on Monday.

I am still holding my FAS, but will probably sell on Monday. $350 billion is not enough to stop the truth of the insolvencies of almost every bank.

[disneysteve]

There is an interview in Kiplinger's this month with a top fund manager who tells he is buying bank bonds but avoiding stocks because the government bailouts actually harm shareholder equity. I'll see if I can post the text of his comments later.

[Broken Arrow]

There is an interview in Kiplinger's this month with a top fund manager who tells he is buying bank bonds but avoiding stocks because the government bailouts actually harm shareholder equity. I'll see if I can post the text of his comments later.

Yeah, it's a point that may be worth considering, depending on the stock, and for that matter, some bonds (especially corporate bonds) are paying amazingly well right now. I once saw some Walmart store bonds paying out 6.8% interest. Not all stocks will be affected in that way though....

[Bernz]

I was able to get in on BAC 2 days ago on the dip at $3.97, although it was a very minimal investment. It was purely speculative on my part and pretty much just to get into the bank stock game once again. We'll see.

[MaxPowers]

Yea I bought 100 shares couple days ago an am up 66%. Wish I woulda bought more, but whatever. I will probably just hold them a while and hope.

[humandraydel]

... or would I just be catching a falling knife.

Did you buy? Did you sell?

If you didn't buy, is NOW the time to buy? Or is it going lower?

I have no answers, only questions.

[disneysteve]

BAC closed under $5 again today.

[Broken Arrow]

I bought in. WFC at $14 per share. Actually, it was an automatic limit buy anyway, and today triggered it.

Of course, I have no idea if it will go up or down. But even if it does go down (and it's already a little bit down right now), it's still a great price for this company, and the dividend (which will probably be cut soon) is phenomenal.

[disneysteve]

I took some purely speculative money and bought BAC this morning at $5.00. I don't know if I'll hold it for months, weeks, days or hours. I just thought I'd see where it went and if I could make a few bucks.

[sweeps]

Did you buy? Did you sell?

If you didn't buy, is NOW the time to buy? Or is it going lower?

I have no answers, only questions.

I didn't buy. I'm already full tilt in my retirement and college savings funds. I need to conserve some cash in my taxable accounts just in case we have Great Depression II on our hands

[disneysteve]

So much for my speculation. BAC is down to $3.24 right now. C is at $1.98. These firms are going to just cease to exist if this doesn't turn around soon.

I wonder if they could get delisted from the NYSE.

[sweeps]

Guess I would've been slashed by that falling knife.

$2.92 for Bank of America. Wow. $1.80 for Citigroup. Double-wow.

[disneysteve]

Guess I would've been slashed by that falling knife.

$2.92 for Bank of America. Wow. $1.80 for Citigroup. Double-wow.

Yep. I got sliced. I'll hold on and see what happens. Hopefully, there will at least be enough of a bounce for me to get out close to even.

[Broken Arrow]

I'm getting pummeled as well.

However, I did anticipate this, and to be frank... I personally don't care.

Well, at the risk of sounding like an apologist, I liked what I saw when I bought it, and the fact that it went even deeper into sale doesn't change my original opinion of it.

[Ima saver]

How much did you pay for Wells Fargo, BA??