What a Drag These Banks Are

 | Sep 16, 2011 | 2:47 PM EDT
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These banks -- these banks -- I mean, it's incredible. They just lay on this market like a wet blanket.

At one point today, Bank of America (BAC) started ramping on this endless rumor that Countrywide will be filing for bankruptcy. When the rumor ran its course, the stock took a header.

Or Goldman Sachs (GS) -- there is a presumption these days that Goldman's just not going to have a good quarter. It's a presumption. Every time it lifts people sell it.

Or JPMorgan Chase (JPM) -- here's a company that keeps talking about how business is so strong, yet the stock is trading as if a big shortfall is coming. I'm looking for a dividend boost. I guess that's out of the question.

Or Wells Fargo (WFC) -- this bank has surprised to the upside several times now, and nobody seems to care.

For the longest time it's been tech and banks that have held back the market. Suddenly tech is out of the doghouse, right on schedule. The banks, however, are the reason the market is having such a hard time breaking out. They are just big enough in the S&P 500 to throw the index back from this level on any negative news out of Europe -- and it is hard to believe that, after four good days, the next 72 hours won't yield some more of that.

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