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Are the Banks Becoming a Screaming Buy?Please mark down January 21, 2009, in your calendar or on a piece of paper. Why? That particular day may go down in 2008 history as a very important day for the stock market. While I need a few more days to see the market action play out, one of the most important market indicators I follow may have flashed the first part of a two-part buy signal. Let's not get too ahead of ourselves. The stock market is a tricky creature. But I'm watching this development very carefully for my beloved readers and hope to have more for you in the next few days. Let's keep it quiet for now. Back to the current action... Are banks becoming a "screaming" buy for investors? Some corporate insiders must think so. Yesterday, the CEO and five directors of Bank of America bought $3.0 million worth of shares in the bank they work for. Meanwhile, the CEO of JPMorgan bought more than ten million dollars in shares in the bank that employs him. Hmm... The banks are laying off thousands of people. Bank of America has reported billion-dollar losses, the stock is down from a 52-week high of $45.00 to $6.00 and insiders are buying the stock. My guess? The bank will become lean and mean again after the layoffs are out of the way. The billions the government is pouring into Bank of America won't hurt either. And if the government comes through with its idea to create a government owned "bad bank," into which the "bad" loans of commercial banks (like Bank of America) will be transferred, Bank of America will be a big winner. I see some smart insider buying going on with the banks. They are definitely worth a look. Profit Confidential --- http://www.profitconfidential.com/ LOMBARDI PUBLISHING CORPORATION News, Analysis, and Information Services Since 1986. One Million Customers in 141 Countries. Lombardi Publishing Corporation Financial Publications Division 350 Fifth Avenue, Suite 3304 New York, NY 10118-3304 --- Copyright 2008; Lombardi Publishing Corporation. All rights reserved. No part of this e-newsletter may be used or reproduced in any manner or means, including print, electronic, mechanical, or by any information storage and retrieval system whatsoever , without written permission from the copyright holder. Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHORMichael Lombardi, CFP, MBA, bought his first stock when he was 17 years old. He quickly saw $2,000 of savings from summer jobs turn into $1,000. Determined not to lose money again on a stock, Michael started researching the market intensely, taking every course he could afford. It didn’t take long for Michael to start making money with stocks, and that led Michael to launch a newsletter on the stock market. Today, Michael only employs the top market analysts and editors. Some of our recommendations have posted gains in excess of 500%! Michael has authored and published over one thousand articles on investment and money management.
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