Monday, September 29, 2008

More Banks

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.

6 comments:

Doug said...

Tell ya what,after today's stunt, none of 'em will get my vote. I'm done with both parties, I'm officially a libertarian.

Doug said...

spineless little weasels, no backbones, you tell us your gonna do something then you pull this? "damn you all,damn you all to hell", as the late Charlton Heston put it.

Quick Takes Pro said...

Doug,

Let's keep this about the markets.

How about the Quick Takes Pro bailout plan? Create a USA Bank and lend to the corporations directly when they cannot access the CP (commercial paper market? Let the banks go down. As long as corporations can fund their operations then workers will still have jobs.

Bank CEOs can then choke on their Led Parachutes.

Observer said...

Mark Cuban had a great idea on FOX on Saturday....let the gummint buy the debt, create an ETF and let whoever wants to get in...buy some...think about it...how many millions of little investors would pny up? Along with a chance of many institutional investors.....it would work and I would support this idea far greater than the Gummint being oversee'er to the pie.

Observer said...

Today was the beginning to a great washout.....one or two more days of this action ...BUY and then buy more...of everything.....an election year cycle low is in the process of being formed....right before our eyes. The scariest time to buy is the most profitable time to buy...especially when simpletons post comments about politics, rather than the focus on what we try to do...trade.

Quick Takes Pro said...

Mark Cuban had an awesome idea!