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]] 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
I have a new stock that I love to hate — SSO, and as I mentioned before SSO marketmaker is an *ss.