Financials, SPX S&P 500

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

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!