Watch for Opportunity Posted at 9:40 a.m. EST, Jan. 14, 2009 The opportunities keep knocking, they just knock in strange places. The other day Associated Banc-Corp ( ASBC) (a second loser out of Green Bay) priced an offering in the hole, and you made a quick buck if you blinked simply by getting in on a deal meant to appease the regulators. Today First Midwest Bancorp ( FMBI) -- another ne'er-do-well bank, this one from Illinois -- looks to be another quick gainer. In Getting Back to Even, I stress that this strategy of buying merchandise in the hole, even if you don't like the merchandise, is a dynamite idea, just dynamite. It is counterintuitive to buy anything you don't care for. ASBC and FMBI, like Zions ( ZION), are banks that I am not crazy about. But when they raise equity, they go from being a bad story to being a good story. Check the REITs -- names like Federal Realty ( FRT), Brandywine ( BDN), Boston Properties ( BXP), and many of the hotel REITs -- if you don't believe me. Or the huge gains in U.S. Steel ( X) after its deal. Other than Federal Realty, I didn't care for any of these deals before the refinancing. After, though, they are terrific. The Wells ( WFC)/ Bank of America ( BAC) bank deals and all of the other secondaries all worked too, including ones like Capital One ( COF) that seemed like they shouldn't, given Obama's attack on credit cards. In fact, only Synovus ( SNV) was a disaster. So keep an eye on these. They keep happening. Stocks that that are bad before they sell stock and good after. A great pattern. Would I hold ASBC or FMBU after these deals? I like to own the well-managed ones, not the "bad" ones, so I am indifferent after the deals are done. Money is money. I like the quick profits. At the time of publication, Cramer was long Apple and Bank of America.