(NYSE: WFC) The (NYSE: BAC) American (NYSE: JPM) (NYSE:C) (NYSE: USB) Banking Week (NYSE: PNC) (NYSE:BBT)

New York- What a week it was for the majority of the ten largest banks in America. It was a week of profit, it was a week of more profit; it was the tale of Wall Street irrationality. It all started on Monday when Citigroup, the nations third largest lender posted $2.1 billion of profit and topped estimates. Everything was going great; the sun was shining; things were looking up and banking stocks roared. Then on Tuesday, Bank of America the nations largest bank came up to bat, BAC said they had earned earned $3.1 billion and everyone jumped for joy. But wait just a minute said investors, why does their income statement show a 7.3 billion dollar loss? What is happening with the foreclosure scandal? Why is my tea cold? It must be Bank of America's fault and this quiet optimism soon faded into the night like a distant dream. Wells Fargo and the other banks plummeted as BAC said sorry guys.

San Francisco's own Wells Fargo was up next, they said thanks BAC but we'll take it from here and "we'll go far," as they announced a record $3.34 billion of profit. Investors remained tepid at first, as they were ready to crush the bank stocks for a second straight day. Wells Fargo sunk 2% in the pre-market, but then they said what the heck this is a great stock, lets buy it and the stock roared 5%. Then it was U.S. Bancorp's turn, the nations 5th largest lender reported a profit of $871 million but investors did not know what to do, and kept the stock flat on the day. Today they decided it was actually a great report and the stock rose 2.3%.

PNC, Sun Trust and BB&T reported today. PNC soared as the company recorded a near record profit. Investors were relieved when Sun Trust Banks reported their first profit in over a year and BB&T shares sunk when they announced $210 million of profit.

And that was the banking week in America, completely illogical, irrational, but very enjoyable to watch from the outside.

There's Nothing You Can't Do (NYSE: C)

Citigroup (NYSE: C) announced that its third quarter net income came in at $2.17 billion, or 7 cents a share. This is higher than the $0.06 analysts had expected. Revenue was $20.74 billion.

The bank said that loan loss defaults were down sharply in the quarter.

Investors were pleased with the good news from Citigroup. The stock is up over 4.68% in early afternoon trading.

The Banking (NYSE: BAC) (NYSE:WFC) Week (NYSE:PNC) in (NYSE: C) (NYSE:USB) America

LIVERPOOL - Major banks report earnings next week. The banks have been beaten to a pulp as of late as investors look for information regarding the foreclosure scandal. Investors will be clued in to conference calls from BAC, WFC, C, USB, PNC. All these stocks were brutally punished last week (except USB) but clarity will be given this week. Investors often enjoy selling the news when there is negative sentiment no matter what it is, and this may happen also next week.

Most of the banks are nearing their 52 week lows, including BAC which hit a fresh 52 week low of $11.75 on Friday. The current market capitalization of BAC is now equivalent to that of more troubled Citigroup. In fact larger J.P Morgan only has a $30 billion premium to that of Citigroup despite not facing many of the problems that have plagued Citi.

A Week You Can Bank On (NYSE: BAC) (NYSE: WFC) (NYSE: PNC) (NYSE: C) (NYSE: USB)

LIVERPOOL - Major banks report earnings next week. The banks have been beaten to a pulp as of late as investors look for information regarding the foreclosure scandal. Investors will be clued in to conference calls from BAC, WFC, C, USB, PNC.

All these stocks were brutally punished last week (except USB) but clarity will be given this week.

The banks stocks could sell off further on the news.