The headlines which grabbed my attention this morning were two. First, that Credit Suisse would be purchased by its Swiss rival, UBS, for 3 billion Swiss Francs. Second, that S&P downgraded First Republic Bank further into junk as the US$30 billion infusion by a consortium of largest U.S. banks was deemed insufficient. It seems to me that the banking crisis is still an evolving story. In Singapore, fundamentally, our local lenders are financially sound and the Monetary Authority of Singapore has issued statements to say that DBS, OCBC and UOB are well capitalized and have little exposure to Credit Suisse. Although I believe that weakness in the stock prices of DBS, OCBC and UOB is an opportunity for long term investors to accumulate, I am going to keep some powder dry. From a technical analyst's perspective, the downside risk is pretty real, and Mr. Market's negative sentiment towards the banking sector could see stock prices of DBS, OCBC and UOB testing...