Phantasmix Stock Market Blog

Here’s the $BKX chart, the bank index. (The same is happening with (XLF: 14.71 -0.41%) so I won’t post both.) There are some oscillator-price divergences and heavy resistance overhead.

Click to enlarge

$RIFIN broke down. Fibonacci retracement targets are on the chart.

• 50MA acting as support at the moment
• 20MA turning down
• Stochastics and MACD going negative

Going to trade (FAS: 90.42 -0.58%) and (FAZ: 25.99 +0.54%) off this chart.

FAS and FAZ, triple financial ETFs, bull and bear respectively.

Both have been dead in the water for the last 6 weeks.

I think holding FAS + writing calls is (was?) the best strategy here.