As I write this, the markets are down a little more than 1.75%..and guess why? Yep, European financial stability and whether or not Greece will default on its debt and start the domino effect of the banking system crashing. And of course, the U.S. banking stocks are the biggest losers so far today and are down 4% on average.
As I've been pounding the table for the past month, to make money in this market, you have to move in and out of it and look to take short term gains. For example, if you had sold stock late last week like I did and suggested, you would have pocketed some small profits as well as you would have slightly more "cash" in your account and therefore wouldn't be as subject to the down market today as you would have if you didn't make any sells.
As the banking stocks move lower today and possibly over the next couple of days (depending on Europe of course), it might be a good time to start buying them again...
