PNC Financial Services Group, Inc. (PNC)

* Verizon and Chevron purchased, banks and gold sold * None of these portfolio moves surprised me - but some might surprise the markets Warren Buffett pulled down his cash position a bit and got more busy in the latest reporting period.   Notably:  ...

* The S&P is about 20% overvalued * I am medium-sized (about -25%) net short * And I have a lot of room to get shorter on further strength I have been net long for the majority of 2020.  No longer.  I have steadily reduced large holdings in a number...

* I do love pizza * But the dual concerns of pulling forward sales and some evidence of disappointing sales, relative to high expectations, has reduced my upside price target for Papa John's .  In keeping with my paring down of some long term invest...

Here are 10 additional reasons why I have taken such an aggressive position in bank stocks:  * CECL accounting came to be in 1Q2020. It is a bigger bank phenomenon. However, it's supposed to reserve a portfolio up front for losses over its life vs. ...

* We seem now to be at or near an an extreme negative investor sentiment reading in financials  "Buy on the sound of cannons, sell on the sound of trumpets." - Grandma Koufax  Boy oh boy... I hope Paul Price is correct!  I have recently upped my alr...

Above all I seek to deliver transparency and ownership of my trading and investing ideas.  Trading and investing is an imperfect science. No specific methodology has a concession on the truth. As Grandma Koufax used to say, "Dougie, there are many w...

* 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 ...

* Bank stocks, viewed as intermediate term investments, are now uncommonly cheap * My June 5 expectation for "backing and filling" in the group has been realized * This week's EPS reports could mark the industry's nadir in operating fundamentals * G...

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...