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Beware Analyst Upgrades of US Banks

On Tuesday money pros were taking a long hard look at bank stocks after Credit Suisse raised its rating on Citi  to Outperform from Neutral with a $48 price target.

However the Fast Money traders just couldn't get on board - not with any bank.

Although analyst Moshe Orenbuch cited company specific catalysts at Citi such as the potential for a dividend increase and growth opportunities – our gang thinks banks stocks as a group are at the mercy of Europe.

Call of the Day: Buy Citi?

And on Tuesday, the financial sector took a bath after the deal to rescue Greece was thrown into disarray.

”The only way I’d buy financials is if you think the economies of the world will stabilize,” says trader Zach Karabell.

However Karabell doesn’t think the pain is over. “The bad news out of Europe isn’t done,” he says.

In fact, he expects the drama to drag on – and on. As a result he thinks bears will pressure the financials broadly for some time to come.

Brian Kelly says much the same. He thinks Europe is just too much of a wildcard especially after Greek Premier George Papandreou caught investors entirely off guard when he said he will put the nation's bailout deal through a referendum, potentially undoing the agreement struck last week.

”I’d just stay away,” Kelly says.

Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to .

Trader disclosure: On Nov 1, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Karabell owns AAPL; Karabell owns MS; Karabell is long IBM; Karabell is long MSFT; Karabell is long GOOG’ Karabell is long FCX; Karabell is long HON; Karabell is long JOYG; Karabell is long CAT; Cortes is long Treasuries; Cortes is short AAPL; Cortes is short DB; Cortes is short BAC; Cortes is short EURO; Cortes is short CAD

For Zach Karabell
Rivertwice owns AAPL calls
Rivertwice owns GS puts
Rivertwice is short XLF
Rivertwice is short SMH
Rivertwice is short IBM
Rivertwice is short puts AMZN
Rivertwice is long HON
Rivertwice is long TGT
Rivertwice is long DE
Rivertwice is long BHI
Rivertwice is long SLB

For Brian Kelly
Shelter Harbor Capital is long FXE
Shelter Harbor Capital is long SPY
Shelter Harbor Capital is long GLD
Shelter Harbor Capital is long VLO
Shelter Harbor Capital is long STD
Shelter Harbor Capital is long SAN.SM

For Rebecca Pattersson
No disclosures

For Jeff Kilburg
No disclosures

For Jacques Cailloux
No disclosures

CNBC.com with wires.