If I had Dry Powder...

I'd be buying PNC today.

The shares are currently down 30% on general financial-sector weakness. However, (to my knowledge) there is no relevant bad news actually about PNC that has leaked today.

Other banks have reported lower earnings and bigger unrealized losses. State Street's shares have declined about 50% today after acknowledging about $9 billion of such losses.

I can't promise sunny skies for PNC, and buying National City certainly put them at a greater risk of reporting disappointing news, but for now, PNC looks like a gift today. Of course, my recommendations are never really "recommendations," and always thoroughly research your investments, but my instincts tell me that PNC's intraday decline is an overreaction.