Well, that really really shortened the Oversold Bounce Time...

It's a US holiday, but in Europe Royal Bank of Scotland (RBS) is down more than 65%....

Do not buy bank common shares for anything but a quick scalp or trade. The overnight gap or event risk is far too great. The banking system is insolvent. Discovering which individual banks are not is a very dangerous game to play.

RBS May Post 28 Billion-Pound Loss as Crisis Deepens (Update4): "Royal Bank of Scotland Group Plc said it may post a loss of as much as 28 billion pounds ($41 billion), the biggest ever reported by a U.K. company, as the credit crisis worsens. The stock slumped as much as 71 percent.

Britain’s biggest government-controlled bank may post a full-year loss before exceptional goodwill impairments of as much as 8 billion pounds, Edinburgh-based RBS said in a statement today. In addition, the bank may write down the value of past acquisitions by as much as 20 billion pounds.

The loss would eclipse Vodafone Group Plc’s 22 billion- pound net loss in 2006. RBS has been crippled by its acquisition of ABN Amro Holding NV’s investment banking assets three months before the credit crisis began, a takeover Chancellor of the Exchequer Alistair Darling today called “disastrous.” The Treasury said today it may raise its stake in RBS as it announced the second British bank rescue in three months."