There are times on Slope that I’m so prolific that I have to hold back on publishing new posts in order to avoid the “drinking from the fire-hose” feeling for my readers. Other times, like now, when I either don’t feel like writing or am writing something so time-consuming that I ignore everything else. At the moment, both apply.
But I need to throw something out there, so I’ll just say that the thorn in my side is right here, with KBE:
Yep, it’s the banks. Even though, as I’m typing this, the ES and NQ are both down hard, double-digits in the red, banks are merrily continuing to be strong, which frankly is pissing me off. It is absolutely core to my thesis that banks complete their topping pattern. They haven’t broken it, but by God, they’re not making this easy.
The longer-term view shows how the moving averages are still bearishly configured, and we are, for the fourth time, making an excursion above those indicators. Hopefully, likewise for the fourth time, we’ll descend beneath them once more.
Stepping back even farther is the big picture that you’ve seen so many times.
I remain very light in my portfolio. Now I’ll return to the longest post I’ve ever written, which I intend to publish here after the close.