Financials: An apology and a refirmation

I hope anyone who came through the blog did not take my advice on Wachovia. I knew the financial/banking stocks were doing poorly, but I really believed that they had already took their lumps and the earnings reports weren't going to effect them as bad as it actually did.

That being said, I still am a big believer in the financial and banking sectors. I've got four stocks for you (and yes, Wachovia is still included) that you should be looking at buying once they bottom out sometime next week.

First off, let's just go straight Wachovia:

As I said earlier, still like this company. They'll be reporting a bad quarter on Friday, I believe, so if recent earning drops on other financial stocks are any indication, Wachovia still has some room to fall in the next couple of days (3-5 more percentage points is entirely possible.)

The other financials that I'm recommending are Bank of America, (BAC) Citigroup, (C) and American Capital Strategies. (ACAS) There are caveats to this, though, as I think all of these stocks have room to fall for the next couple of sessions. (ACAS with the most room to fall)

I still like all of these companies in the long-term, and buying into these stocks when they are dropping like flies (Citigroup down 8.3 percent this week alone!) is the time to get into them--not when everything is rosy for the company.

Be patient, wait, and pull the trigger some time next week when I expect these stocks hopefully bottom out. I will update you all when I pull the trigger either this Tuesday or the next.