RE: Selling Banks buying Oil is what people are doSorry to burst your bubble sunshine but I was stopped out of all 3 of my bank holdings over the past couple of days. A REAL investor keep tight stop losses no matter what. It's the 'wannabee investors' that continue to hold on to Canadians banks stocks at these grossly overvalued levels. I plan on buying back shares in the banks but not until the full correction takes its course. This situation could take many months to resolve itself.
Why not buy oil stocks, although Suncor is not on my list of favourites, when all the rhetoric of increased demand, an active hurricane season, refinery mishaps, etc, are becoming the norm as of late. I fully expect the price of oil to trade between $80-$110 for the coming months.
Best of luck