Luck O' the Irish Follow up AIB IRE

This has been a very profitable investment (only on a percentage basis) to this point. But I could wake up one morning and find a situation like Lehman. But then again I think the market cap in these is so small (don't need a lot of money to save them) and they have exposure to whole of Europe. I don't think anyone is gonna let these go under (but thats what I thought when two days before Lehman went down I bought a few thousand shares OUCH! In the words of Roger Daltrey (The Who), "WE WONT GET FOOLED AGAIN"

So here is my play book

25% position bought at white arrow, rest bought over three days cost basis 2.17. Have a 33% gain at the moment. It has support at 2.6 where i'm out completely, not taking any chances shoot first ask questions later. New buys close to that level. Hold and pray. 5 years from now when Europe is doing a lot better than the US these banks will be a lot higher. Ireland is a small country of very educated people, one of the highest per capita ed. in the world live there. They will do what it takes to survive IMHO.

Cost basis of 1.15. Its been under performing IRE. But there is a nice cup and handle here but it certainly look weak. I don't trust this stock like I do IRE don't like the recent sell off, but if it can hold that support to the right of the chart I stay in. If it breaks out you could easily see above1.8 in the near term." Good Luck mi laddies"!!


Addendum: 12/14/10 AIB this morning announced it won't pay bonuses! Did that happen when the US banks were bailed out NO FREAKIN WAY!! Mr. Thane went and spent 8 million in office furniture, AIG went on expensive vacations and Mr. Lewis got six million in Xmas bonus while the shareholders lost billions. There are many more examples of these type of shenanigans!