Today was a tough day but financials got knocked hard. The chatter was blaming Warren. Despite having a light position in JPM, and swallowed the 5% hit, I have no problem with Warren or the banks. I am a big fan of hers, but a fan of the banks too.
Until today, banks were trading near book value. They should, at the least, keep trading near book value until rates rise (due to improving economy) and can be valued via earnings. With a stable economic environment, bank stocks should maintain book values.
The Warren decline, allows for re-entry of the bank stocks. As per the technicals, GS gets really really interesting between 110-113.
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