Bank Index and S&P 500 Charts, February 19
Click charts to enlarge
BKX – Bank Index Chart
Banks are on a death march. If there’s some good news brewing, the market is not showing it. I’ve been watching (PGF: 17.62 +0.03%) for the last 3 days and it looks quite ugly (Bank Preferreds). Last year before all of those bank disaster weekends, preferreds were the canaries in the coalmine.
I regret shorting FAZ, went against my conviction. Hedging is expensive 
SPX – S&P 500 Index Chart
Ouch, closed below January lows. Have to wait to see if it gets trapped under that new resistance for 1-2 more days (on a closing basis). Rsi(14) isn’t terribly oversold.
I have a new stock that I love to hate — SSO, and as I mentioned before SSO marketmaker is an *ss.
Good day!
Related Articles
Subscribe via RSS
Follow on Twitter
I was thinking that maybe since everyone is so bearish these days, that we finally get a rally.It looks like that thesis was wrong
If we continue to crap out here more gld and gdx on pullbacks.
Man, this market stinks.
Despite the bearishness, everyone seems to expect a snap-back rally, at least because of the Op-Ex.
So I thought – to confound the majority, the markets have to continue sliding. Don’t you think?
I keep picturing the slide with everyone just standing around and watching (figuratively speaking). Bears are afraid to short the “hole” right here.
Check out PGF! Mamma mia…..