agip, it is extremely easy to see that the funny-business is continuing.
Just look at what is happening with the credit ratings, pricing, and tax treatment of CoCos under the Basel III AT1 and T2 capital requirements.
Instead of actually increasing the strength of banks, movement of the bar downwards with the aim of increasing the CoCos investor base creates the mere illusion that their strength is increased,
This is another example of extreme mal-investment, and it has to do with what I was saying earlier--valuation. They are also subject to a secondary market, and we all know how that turns out in practice.
And coach d, being a pure technicals guy is every bit as bad as being a pure fundamentals guy. As with most things, the truth lies somewhere in-between, especially if you are an individual stock-picker, as you claim to have been. IMO financials are the source of fundamentals that even a technicals guy should look at when considering an individual stock.