Don't Touch Banks!

It sure feels like this is 2008, the re-mix edition, despite what Wall Street prognosticators may say. If you buy a bank stock, you do so at your own risk. These stocks are all falling knives and have been losing ground for much of the year - now they are plunging. Do not make the same mistake twice! Don't touch bank stocks right now! In Thursday's bloodbath, financials are getting decimated once again, with the Financial Select Sector SPDR ETF XLF losing almost 5% to $12.38. Bank of America BAC shares are down 6.70% to $6.96 and Morgan Stanley MS has lost 6.82% to $15.85.