First Republic bank has been slaughtered due to the banking crisis in the US. FRC is backed by JP Morgan, the strongest bank on earth. Unless the Gov't wants all regional banks to fail and roll it all up in to the big banks, FRC should survive and if it survives, it can easily double from here. Obviously the sentiment on this stock and bank stocks in general are terrible right now, we'll see if that changes. If the stock falls into the single digits from here I will close the position.
Trade closed: stop reached:
This is an example of why you have stops. I took the loss on this trade. It turns out that going with a bank ETF like KRE would have been a much smarter play.