Today's Barron's Online column was written before the bailout bill was rejected but the thesis remained intact. Some banks are not going to implode over the current conditions and some are. Check out this list of the PHLX bank index (BKX) as of about 2:50 this afternoon.
Of course, WaMu (WM) is no longer trading but the rest can tell us who is good and who is bad just by their percent changes on the day. The stock on top of the list are probably going to be fine and may make good investments if the market stops its free fall.
Tomorrow, I am going to publish another banks list in the newsletter (sorry, tire kickers) where each one passed a simple technical and fundamental screen. There are 14 names in the list (JPM, WFC and USB all mentioned in the column are included) and the day's losses, as of about 3pm range from 1.3% to 10.68%, the bad one happens to be BAC. That is a whole lot better than the average seen in the BKX index above.
Late flash - BBT cratered into the close and closing numbers all around were a little more in the red.