The carnage in financials is setting up the mother of all buying opportunities, especially for banks. The bottom for financials will come when there is a perception that the unkowns about the mortgage crisis will be coming to an end. That will probably not occur for a few more months. However, if you wait until you are sure all the bad news is known you will probably be buying banks and other financials 25-30% above the bottom. It will be better to buy 2-3 months before the bottom than 2-3 months after.
