Bank of New York (BK) is my new play. I believe that this bank can run into the low 30’s.
Pros - Good Balance Sheet, no need to raise stress test dollars, will repay TARP soon and finished its equity offering.
Cons - We can always find a million and one reasons - call Professor Roubini.
It has been trading sideways for a little, but technicals indicate that this one will trend up. I just bought a ticket for $28.50 to ride this train.
Long BK.
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