What a wild ride this week at the banks, and it is only Wednesday!
WaMu staring around 5, dropping to nearly 3, now up 24% today to 4.5. I don’t have the stomach to day trade with such volatility, but there is opportunity for the gambler.
Well Fargo is certainly be one of the beneficiaries of all the flight from risker banks. Wells up 32% today, good news pulled up nearly all the other financials. They announced better than expected earnings and dividend increase.
People are more inclined to deposit money in “safer” banks, even though deposits <100K are FCIC insured in "risky" banks.
