“The banks ‘appear to be stabilizing for the first time in months,’ said Kass. The strategist then revealed he's been buying shares of both Bank of America and Citigroup. He also likes insurance companies right now, including Prudential Financial and Lincoln National.”
Tradedragon uses CNBC as a sentiment watch. Usually, CNBC pumps stocks at the peak, and SHOUT SeLL at lows. This time, CNBC features Kass, and this guy is quite good in predicting trends. So far his predictions have been accurate, when he called the market bottom in both 2009 and 2010.
This is not the normal BUY HIGH sell low article. I am seeing this article as a sign that Fund Managers are indeed going to rotate into banks again soon. I think September is going to be a bullish month for banking stocks.
Tradedragon Stocks to watch: FAS, BAC, C, WFC, JPM, LNC
Disclosure: Long BAC, FAS
Looking to buy more BAC at 13 and FAS at 19.9
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