A few p/e's on Banks , page-7

Look at a weekly chart punks. These are monolithic businesses. It takes more than negative sentiment to move them, it takes large institutional selling. Institutions do not make the decision to dump the banks on a few days only, they do it over weeks. Almost certainly the main concern is the possibility that they have an enormous exposure to JP Morgans or similar, which may make the Homeside debacle look like a fun time. Forget the PE, unless you're adjusting it to include several billion USD writeoffs. We'll definitely see Sept lows nearterm even if the rest of the market starts to rally..