Relative to the other Banks in the KRE banking index VLY has come a little too far too fast. I will wait till the new month starts and if all things stay the same will start a short position.

I like VLY and think it is a descent ran bank, but at this price there are better values out there. I will probably look to start a long position in something of similar quality and from the same region against VLY. While they may try to pin VLY at 14 bucks for the end of the month, I think it will stall here and probably underperform the rest of the year. WHile the asset quality seemed to be intact and earnings came in line, it is just to expensive trading at 1.77 price/book