Cash In on Banks' Shining Moment

This column was originally published on RealMoney on April 28 at 11:38 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

The dawning process always shocks you. How long did it take to dawn on people that these banks can make a lot of money with this yield curve? How long did it take for people to realize that one day the rate rises would end and these stocks would pop?

I am watching stocks like JPMorgan Chase (JPM Quote) and Wells Fargo (WFC Quote) and Citigroup (C Quote) and Countrywide (CFC Quote)and Commerce Bancorp (CBH Quote) shoot up as if they have cures for cancer or have invented the handheld PC. They are just screaming here, and one thing we know, when stocks start screaming in this market, they just don't quit.

So often when we see the recognition that "this is the group worth owning," the process has to go first from extreme undervaluation, where we have been, to correct valuation, where we are going, and then to extreme overvaluation, which always takes longer than anyone realizes. In other words, it is still worth buying these stocks right here.

To make things even more tantalizing, the biggest buybacks, Citi and Wells and Bank of America (BAC Quote), reside here. As does some of the best growth -- Commerce Bancorp. And a real catalyst: the actual integration of Bank One into JPMorgan Chase. (Remember, the Bank One signs are finally coming down this week around the country.)

So, be aggressive, once in motion, you need a real catalyst to stop this move. I don't see one on the horizon.

Random musings: If you love following stocks as much as I do and want to help me help people make money, you're someone I need. I'm looking for an experienced research assistant based in the New York metro area to help me out. (CFAs welcome.) Please send your resume and cover letter to [e-mail].

P.S. from TheStreet.com Editor-in-Chief, Dave Morrow:
It's always been my opinion that it pays to have more -- not fewer -- expert market views and analyses when you're making investing or trading decisions. That's why I recommend you take advantage of our free trial offer to TheStreet.com's RealMoney premium Web site, where you'll get in-depth commentary and money-making strategies from over 50 Wall Street pros, including Jim Cramer. Take my advice -- try it now.

At the time of publication, Cramer was long Commerce Bancorp and Countrywide Financial.

Here's your chance to pick the stock you'd like me to feature on my radio show May 4: Bank of America Conexant Goldcorp Google Harrah's Johnson & Johnson

REMEMBER to listen in on Thursday for my take on the stock that wins this poll!