Monday, February 4, 2008

New Poll: Is it Time to Buy Banks

The January survey shows that 43% of the respondents believe that the Tech Sector will be down by over 5% in the first quarter of 2008. So far these folks are right on target, NASDAQ was down over 9.9% in January. The trend in Tech does not appear hopeful looking forward for the next two months.

Banks have recently completed their fourth quarter earnings reports. One immediate question will be if all the bad news is out of the way. The entire sector has been pounded with large write-downs and negative news related to the subprime fallout. There also is an industry consolidation underway, as outlined with the Bank of America acquisition of Countrywide.

Is it time to start bottom feeding and purchase banks? Is this the start of the recovery? Take the new poll !