The financial stocks are taking a beating again,
following Brexit last week. The European banks are dropping the
most, some by another 20% just today.
While most traders are too scared to go near the
banks, smart money is accumulating. This is not another Lehman
situation. The global central banks will not allow that to happen
or even come close to happening. These banks will bounce into the
July 4th holiday, surging on short covering and institutional
buying. This may be a near term bounce but a big bounce
none-the-less and should be played for profits.
In addition, the technical stock charts are
confirming this with many of the biggest banks hitting major
support today. This is a great buying opportunity to scoop these
plays up.
