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With banks again under scrutiny, it’s interesting to note that a few widely followed investors added to their exposure.According to the latest 13F filings, David Tepper’s Appaloosa Management added new positions in Bank of America and Citigroup, though it’s important to note, that’s as of March 31, 2012.Also, Leon Cooperman established new positions in Citi, BofA and Wells and he increased his position in JPMorgan, though again, that’s as of the end of Q1.What should you make of the moves?
Strategy Session with the Fast Money tradersTrader Brian Kelly thinks these Wall Street Whales were probably putting money to work in banks because, “for the first time since 2009 the banks were trading at book value – that’s a bullish signal.”However, he adds that with the Europe situation flaring up again and JPMorgan landing in the hot seat, it’s unclear if they’ve pared or hedged their positions.Despite potential headwinds, Kelly still likes the space, but prefers playing it with Wells Fargo as well as the regionals, on the belief they have more exposure to the relative strength in the US.
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