Mike, the mention of One brings back fond memories of my put raid on this one and First Union in 1998. I sold too soon, because I never make all the money, just a lot of it. <g> And, for some reason, I missed the repeaking put opportunity in 1999. A bank with huge problems but nowhere near all time highs. And, in general, just from a mathematical point of view, I prefer to start my put stocks above $50 a share. So, I'm holding off for now. Also, they may have thrown the kitchen sink in the last eps report to wash out the losses, which could mean "momentum" for the next eps report.
Surprisingly enough, financials do better when the economy is in good shape, which is not when rates are at their lows. After all, rates hit their lows in the Depression and in 1974, and financials did not exactly flourish. In addition to rates, they have to have well-heeled customers to fleece. |
