This was a difficult week for bears of financials as financials shot up 11% on Wednesday for next to no real reason minus a less than terrible earnings report from Wells Fargo and the federal government threatening short sellers.

Starbucks (SBUX) is too expensive and not just the coffee but the stock itself. The stock reached a new 52 week low today as the market sold off during the morning and has rebounded some. But the price to earnings of the stock is still too expensive for the limited revenue growth and the declining earnings the company is now experiencing.

After reaching a new 52 week low on Monday, SunTrust jumped 10% along with all financials on Tuesday but returned to its selling pattern on Wednesday falling 5%.

I was watching the housing stocks back in August and September of 2007 when they were falling to new lows everyday but switched out of the industry in favor of banks, autos and financials. But after seeing an old name reaching a new low after-hours, I started to re-examine the old names.

Both the quasi-government corporations at the center of the mortgage crisis have been performing poorly and neither looks to be in the process of bottoming at this time.

Just when you think the Banks, Brokers and Money Centers cannot go any lower the Proshares Ultrashort Financials ETF (SKF) hits a new high.

Steel prices continue to rise as China needs more. US Steel Corp is riding the rising price of steel to new levels of profitability and market capitalization.

MBIA Inc. (MBI) and Ambac Financial Group, Inc. (ABK) have been at the center of the credit and housing crisis as insurers of sub-prime, sub-A loans, and prime housing loans. Analysts continue to drop the earnings estimates and the stocks themselves fall to new lows weekly.

Not quite at a 52 week high, Hess Corporation is a New York based  explorer, purchaser, and developer of oil and natural gas. The company’s stock is a decent buy from the normal gauges that I study. The industry is a little weak with refining margins remaining tight. But the company could break out of a chart pattern at $130 and rally on its very bullish earnings expectations.

Hercules Offshore is a Houston based provider of services and equipment in the exploration and production of both oil and natural gas in shallow areas offshore. Deep off shore drilling are the buzzwords in politics but with energy the focus of investors and profits very tangible in oil production, HERO is at a 52 week high and positioned for more upward movement.