PNC Financial Services Group, Inc. (PNC)

Next week the June quarter earnings season maelstrom kicks off with 115 companies, including 32 S&P 500 constituents, reporting their latest quarterly results. In recent days we've seen a number of companies up their outlook for the quarter but we'v...

* After "playing" the rally off of the March lows (with plenty of longs) I have recently (again) gotten net short of exposure To summarize some my recent activity: * I took off numerous investment longs (for profits) into the rally -- including , , ...

* Fundamental concerns and weakening technical signs might be converging now In the last few weeks and days I have eliminated all my equity investments in my personal pension plan, I have personally shorted S&P futures (at 3202 Monday night), I have...

* The large money center banks are as close to "forever" stocks for me * However, the recent rise in the sector - and near +10% opening print higher - have been almost vertical and some backing and filling would not be a surprise * Indeed, some cons...

* I have covered my entire large bond short ( is down by another -$2.80 today) - I plan to reestablish the short on any TLT strength.   * Reduced speculative from large to medium-sized. * Eliminated my large long (the shares have moved from the low ...

* Banks stocks are extraordinarily cheap today * In 2008 financials represented a record high 26% of the S&P Index, today they stand at a record low (at close to 7% of the S&P Index) * JP Morgan has a large war chest to absorb loan losses Historical...

Wells Fargo investors will likely be relieved (on Monday) that Berkshire Hathaway sold none of its shares according to its just reported 13-F. (There were vague rumors that Buffett was selling). Berkshire liquidated most of its Goldman Sachs positio...

Thanks to Bruce Kamich for following up for my request of a technical look at . You can read it here.    He obviously doesn't like the chart formation.

I made this point earlier this week but my best performing financial is . I would love it if Bobby, Tim "Not Judy or Phil" Collins, or Kamich could comment on the technical picture.

looks like it may be the first large bank stock to break out from its recent (and low) trading range. 

* The robust level of bank industry "war chests" are being underappreciated by investors * The Banking Industry, as measured by earnings power (before LLP and one-time charges), reserve (and balance sheet) strength and loan diversification are well ...

I added to the following longs: , , , , and . I sold a portion of my puts.

* My revised levels I don't want there to be any ambiguity about the size of my positions or about my buy and short levels as I strive for as much transparency as possible. "When the time comes to buy, you won't want to." --Walter Deemer "When the t...

To respond to some questions from subscribers, I have no current plans to sell recent purchases of and (+18% since purchased about a week ago). These are investments and not trades. I feel the same way about , and . Again, remember I am planning on ...

On the opening I added to my , and longs.

I am aggressively buying under $96.

I moved to medium-sized in .

* A new member of my Best Ideas List I initiated a small long investment in - making a total of five financial stocks that I am now invested in. I plan to be a scale buyer on any weakness. I have followed PNC for 46 years - I like what I see in my a...