@realmoney
It May Be Time For Financials To Consolidate A Bit Now
* The large money center banks are as close to "forever" stocks for me
* However, the recent rise in the sector - and near +10% opening print higher - have been almost vertical and some backing and filling would
It May Be Time For Financials To Consolidate A Bit Now
* The large money center banks are as close to "forever" stocks for me
* However, the recent rise in the sector - and near +10% opening print higher - have been almost vertical and some backing and filling would
not be a surprise
* Indeed, some consolidation would be healthy
My upbeat position on this space has been clear repeatedly - banks represent one of the best areas of value in the market.
Many - fundamentalists as well as technicians - were in strong opposition of this view.
* Indeed, some consolidation would be healthy
My upbeat position on this space has been clear repeatedly - banks represent one of the best areas of value in the market.
Many - fundamentalists as well as technicians - were in strong opposition of this view.
That said, the trajectory of the recent rise has been even better than I expected. Moreover, the gap higher - on the opening (e.g Citigroup and Wells Fargo rose by about +10% on the opening prints) - might herald a short term top.
As posted I have previously taken profits in $GS, $MS and $PNC.
I still am holding large positions in $BAC, $C, $WFC and $JPM - and I plan to hold on to the them for years.
But some backing and filling should now be expected.
Those with a shorter term timeframe (than I)
I still am holding large positions in $BAC, $C, $WFC and $JPM - and I plan to hold on to the them for years.
But some backing and filling should now be expected.
Those with a shorter term timeframe (than I)
may consider paying heed to my view and observation this afternoon. @jimcramer @tomkeene @cnbcfastmoney @SquawkCNBC @riskreversal @guyadami @terranovajoe @Sarge986 @carlquintanilla @michaelsantoli @sareisen @WilfredFrost @threadreaderapp unroll
