Banks … Will Q2 be a positive surprise again?
Banks keep recommending themselves to investors …
Every day a new recommendation, a new round of upgrades …
Today we had Goldman calling Bank of America a “conviction buy” … hmmm
JPMorgan and Citi hiked Goldman price targets and earnings estimates … hmmm
The interesting thing about this is … as the markets so far are holding up … less write offs are expected.
The analyst consensus for Bank of America’s Q2 is 1 cent per share … Goldman is now going for 25 cts.
So we all will see a lot more upgrades, trying to keep the hot air in the balloon …
But … the “real” earnings blaster is yet to come … PPIP … the program, which allows banks to buy their own bad debts for fantasy prices …
So … technically the market is turning … but on the horizon one can see already a second up-leg forming … at least … volatility and therefore the chance to earn money is granted 
Fundamentals became funny mentals already 
Tags: Banks, financials, PPIP, Q2
