Monday, February 28, 2011

Another look at the Banks...

As I like to occasionally look at things from the reverse point of are some interesting charts of the bank index. The last few days have been less than impressive for them banks. Additionally, the inverted BKX index makes a reasonably bullish chart with its rather pretty bull flag pattern that is emerging...which, by the way, looks like it wants to make a move imminently.

Just as a note there was quite a bit of professional selling into the last hour and the close...perhaps we will not be getting our trusty reliable super duper 1st of the month "BUY" day afterall...last I checked EVERYONE was expecting one.

Below you can see the tendency toward weakness in the BKX index...and especially on this rebound. At least on a window dressing day, I would think that the banks could get their own stocks window dressed...but not today.
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