ITMAN : Just talk about political correctness until after the general election

10baggerbamm : you had Huntington Bank couple days ago came out and said that they're not making as much on deposits because people are moving from non-interest bearing checking accounts to money market accounts and just that combined with chairman Mao with his we need more data or data dependent all that happy horse shit pulled the rug on banks recently but the initial kink in the armor was about 3 weeks ago or so which is the peak of the major Banks when Jamie Diamond was speaking and he said he wouldn't buy a stock well that's pretty direct if you have an individual who is viewed by many as the best banker in modern days if he says his stock is overvalued and he wouldn't buy it institutions began dumping it and they haven't stopped and it cascaded with Goldman Morgan Bank of America that type of thing. all of the risks are known we know about the trillion dollars that needs to be refinanced the sooner interest rates come down the quicker these Banks rally number one number two the sooner interest rates come down the greater the revenues on banks for mortgage origination which right now have come to a grinding halt because about 70 to 80% of their origination comes from refinancing and that business has come to a grind because rates are high. so all of the known problems with banks exist they pass the stress test last July the major Banks the regional Banks all have been reviewed they have higher reserve ratio requirements they're fine this is just a cyclical nature of people shorting the shit out of them and money moving and chasing momentum stocks

10baggerbamm : basically right here56 57 58 there's money to be made you might have a dollar $2 downside on a blip but you've got to $70 upside near term and if we get any type of rate cut these will be back to 80 this basket

10baggerbamm : if you look at the chart and draw a line from where we are you got 53 and a half for the bottom leg of a Bollinger band we may hit it we might not I don't know but look back over the period of what is it 5 months you see here like 90 plus percent is upside compared to where we are right now and banks are in better shape today than where they were at the beginning of this chart because we're closer to a rate cut today than where we were back then.

Imatt007 : Why what happened?

10baggerbammOP Imatt007: he did the rug pull he got his 4% on employment now they raised it to 4.2 today's PPI was actually really good you had more people unemployed which sucks to me them but it's good news from a rate cut standpoint but the damage was done to the banks so I had calls I sold yesterday on the basket when I started trading down it'll expire worthless tomorrow . and at some point in the near future I'm going to be buying more of the ETF just to lower my cost basis down. because as you can see they move six bucks in a day on any movement of a potential rate cut and it's coming there is no doubt about it there's going to be a rate cut at some point I don't know when but it's going to happen and in the meantime I just got to take a little pain

10baggerbammOP : so you have the bnku  which is the 3x leverage large bank which are your Goldman's your mortgage your Chase your city your Bank of America and they have come down as a basket they're on a support line I posted yesterday that they should be bought and to buy half a position here that was yesterday because who the hell knows what Powell's going to do or say and I don't like banking on one person betting I should say on one person to determine the fate of an investment. when we get any type of upward movement the regionals will move at 2 to 1: compared to the large Banks. it was just a few weeks ago these bobbleheads were on TV saying the market's broadening out and buy the Russell and I posted comments when these boneheads are on TV saying the market's broadening out that it's already moved it's peaked and it's selling off and you can see TNA how much it has dropped since I posted my comments it's gone from 41 down to 35 and change where it is right now. and similar bobbleheads were on TV pounding the table on the banks and they have all been butchered and they were pounding the table on utilities and they all so have been butchered. now no one is talking about them because they look like assholes and now they're getting to a point where they should be bought. so the regionals I'm going to be buying a little more today as soon as I finish up here I will be averaging my cost basis down because I made a mistake last week and going back in and I should not have but that's part of investing is making mistakes and recognizing them. I believe that at this price point 5859 wherever it's going to be trading we have 8:30 indicator and then we've got the FED comments and the q&A even if it were to be 6061 by the end of the day if there's any sign of dovishness and that's what you want to listen to these baskets will trade dramatically higher in the coming week and a half to two weeks