Buffett was quoted:
"We haven't seen any (investments) we want to move on. That doesn't mean we won't
in the next six months"
Is this a judgment call on the sector? May be not. Remember that Buffett has 37% of his portfolio in financial companies, bank or insurance. Earlier this year he purchased BAC, and added to his holding of US Bankcrop and Wells Fargo.
Also most of the capitulation happened in investment banks, which Buffett do not like due to earning volatility. He has made an investment in Solomon Brothers, which I think he regrets, indicating from his shareholder letters. Buffett did not like the selfish culture of traders and investment banking. And found that earnings are less than easy to read and evaluate. So when he says that no opportunity exists, in his mind the sector in good times is not a good one to won let alone in bad times.