Financial Stocks Continue To Dive (BAC, C, WFC)

Although the overall market was showing some strength early this morning, the financials continue to bleed red. Traders are not satisfied with President Obama and Treasury Secretary Timothy Geithner's plans to help save the major existing banks and cure the financial system.

Last night, all over the airwaves, commentators and analysts were talking about nationalizing the banks in the short-term, in order to improve our financial system. The talk of nationalization has definitely weighed on the prices of the below mentioned stocks.

-Bank of America (NYSE: BAC) fell under $5 yesterday and it does not appear that it'll be crossing that $5 level again. Bank of America is currently trading down another 8% to $4.15. n
-Citigroup (NYSE: C) is down over 5% to $2.75.
-JPMorgan (NYSE: JPM) is actually up $0.20 on the day, trading at $21.70.
-Finally, Wells Fargo (NYSE: WFC) is continuing to get killed and is down $0.25 this morning, trading at $12.80

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