Down the Banks Go (BAC, WM, C) - Hello SKF

Bank of America Corporation (NYSE:BAC) shares now at $36.71 a share. Washington Mutual, Inc. (NYSE:WM) is right back down to $10.75 and now Citigroup Inc. (NYSE:C) is at $21.02. The Masters are liking the UltraShort Financials ProShares (AMEX:SKF) more and more everyday. We talked about SKF early in the week, and in just two days it's up 6.2%.

The financial sector is doomed and the analysts are right on board with that. The Financial Select Sector SPDR (XLF) an exchange-traded fund that tracks financial stocks in the S&P 500, reversed a 5% early drop and rose 2% in mid-morning trading.

You don't need us to tell you how bad the subprime, credit crunch, and outlook is for the U.S. economy.

It's bad.

Masters, the health of our market starts and end with our banks, lenders, brokerage firms, insurance companies, and everything else related to our financial backbone. They do bad, so do we.

The U.S. Financial sector that is traded on the NYSE, NASDAQ, AMEX is down 18% in the last 3 months. Fun stuff. If you can find any news that says things are going to get better before they get worse, please send it to us. Otherwise, the Masters are banking on the SKF to help us float through this volatile time.

Fun Reading for Today about the Financial Sector:

Over-compensating? Bank CEO pay examined