Kookmin Bank has been tumbling. Even before the nasty turn the markets took today, KB has been giving back gains like crazy. Let's pare this one from the portfolio today for 2.81% gains.
I'm not liking what I've been seeing in the banking sector generally, of late. And while I don't like to invest on what "the crowd" is doing, I can smell a rush to the exits as well as anyone.
The 3rd quarter earnings report wasn't convincing. The company's leadership had to do a lot of explaining about special circumstances and "ifs" and hypotheticals. This is not normally a problem if the earnings statement is coming at an otherwise stable time in the markets, or if there are strong forces driving the sector higher as a whole.
But neither is the case here.
Buffett saying South Korea's a bubble waiting to explode probably isn't helping matters here.
Action to Take: Sell Kookmin Bank (KB) upon the open at $77.80 for a 2.81% gain. We'll keep our powder dry and wait for some stabilization in the market before making our next pick.
James
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