Wednesday, July 16, 2008

Colonial Bancgroup (CNB) Update on July 16, 2008

Two days after I called a bottom in CNB (and most other bank stocks), CNB went up over 40%. I sold some of my position, and I am waiting for CNB to release earnings in about 30 minutes. These are exciting, volatile times. I do like being right, and it looks like I was one of the few nationwide to correctly call at least a short term bottom in financial stocks.

For fun, check out Barry Ritholtz's post today titled "Idiots Fiddle While Rome Burns." I'm not saying it's as entertaining (true) as Cramer's famous meltdown on CNBC, but it comes damn close:

Even Robert Reich is getting into the act:

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