Here is the question, are you buying this dip?
My answer: I hope not.
Sure Bulls, talk to me about how the banks are up since the election and how I have been wrong to be bearish…
I’m not wrong anymore. When I flipped December 8th I said the banks were a sell. EVERYONE who has been buying the banks (that the Fake News has been pushing you for the last 3 months are underwater. BAC just gave back 6% in ONE DAY, over 10% in SEVENTY HOURS, and guess where it is at, back to December 8th levels.
So while the banks are up since the election (I rode that move), they are crowded and have been fed by the Fake News Media to all the mom and paps and are about to unwind. Will there be a bounce? Sure, but there is zero reason to be long these banks unless these candles are taken back. And I have a strong feeling they won’t be for a while.