Banks Can't Catch a Break on Good News By Jim Cramer About this article: Oh my, these banks, these banks. Morgan Stanley jumping up and down, proclaiming the best May in the history of the firm (thanks, Dougie, for that bit of news!). We have some fantastic numbers coming from Goldman Sachs, according to every report I see. Solid upgrade on State Street from SunTrust. US Bancorp recommendation. TARP paybacks galore. But we have this big preferred conversion into common stock going on at Bank of America, we have immense option pressure on the group, and we have this ridiculous Johnny-come-lately S&P downgrade. Those guys are unbelievable. The housing bottom is in, and now they take the group down! So the group, which was crowded enough already, is just getting hammered mercilessly. This group, along with tech and oil, cannot be lost if this market wants to go higher. I am happy to see the positive action in the drugs and... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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