I’m having another good day, in spite of the ES and NQ being green (and the NQ specifically being up nearly triple digits). There’s really one and only one reason for this: weak banks. For whatever reason, I am lassoed to bank stocks, even though they represent only a fraction of my holdings. As the intraday chart below shows, KBE is “catching down” to SPY (in black and blue, respectively, and appropriately):
Here is a much longer-term intraday chart of these same instruments. The ideal would be if KBE swooshes below SPY, as it did about a month ago.
The daily chart shows the peak last Friday (which was nauseating) and the subsequent burn-off. Even if we’re range-bound, there’s plenty downside potential to go. (Again, this is the KBE, the bank sector ETF).
And, hey, if nothing else, we can all drop to our knees and thank heavenly father that we won’t have to endure any more stupid stimulus talk, since the Senate is adjourned through the 9th. So………….yay.
