Nice problem to have. The good news is that I think the bear market has just about run its course, so "picking" will not be so important from here on. For the safest, I think the banks will grind up slowly but fairly steadily from here based on:
* all the bad news re constrained earnings growth expectations for banks is in the market - surprises more likely to be on the upside from here * US economy (and share price reactions) should set a more positive tone * dividend yields on banks are good and should underpin values * recovery will not be so dramatic as to drive the market into new enchantment with growth stocks - both growths and defensives will do OK for a while yet, with defensives being the much less risky proposition. So a nice opportunity to have, and quite difficult to blow it!
