Bookkeeping: Can't Afford to get "Wachovia'd" - Cutting some Regions Financial (RF)

Well, the FDIC showed confidence in Regions Financial (RF) but the market is in panic mode for many mid and small sized banks. Only the largest appear to be good enough for the socialistic government to protect so without the umbrella of the government protection it appears its sell, sell, sell.

To whit...
Capital Corp (CCOW) -65%
Sovereign Bancorp (SOV) -47%
National City (NCC) -47% (we said this one should of been folded this weekend by the FDIC last Friday)
Fifth Third (FITB) -35%

The latter two are Ohio based, Midwest banks - and let me tell you the economy here is a lot worse than wherever you are.

Not out of panic but just for the fact an emotional market can do very bad things, I have cut part of the Regions Financial position through the morning - it is now down 30% for the day falling to the $9.90s. This was not an "investment" but a trade. Unfortunately that trade has downside to $8 (or heck $0 I suppose in this market) It could be down another 50% tomorrow on nothing other than fear. Can't take that chance with a 5% type of position.

I took 1000 shares out at $11.42 and 750 shares out at $10.99, so half the position dropped. 1750 shares left.

Still have half the position on; if it breaks below $7 we just have to hit the eject button since that will mean a crisis of confidence.

Long Regions Financial in fund; no personal position