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Good God. I hadn’t looked at the chart for Credit Suisse (CS) in ages, but I guess that this is what ALL bank stocks would look like now if it weren’t for the infinite help of the central banks. Truly incredible how the might have fallen:
The banking giant Wells Fargo hasn’t been on my radar for eons, but when I saw this headline……..
I obviously wanted to check it out – – because a Cramer recommendation is pretty much money in the bank.
(more…)Within the past week, the regional bank ETF symbol KBE broken its major trendline. This was positive news for the bears of the world (AKA me, Baby Bear, TNR, and four other people). This positive news has gone super-positive, as the H&S topping pattern of KBE is now complete. Banks are screwed and tattooed. It couldn’t happen to a nicer group.
In spite of the eye-rolling rally on Monday, the financial sector (by far my biggest exposure in my live positions) continues to weaken. Here are the regional banks, by way of the ETF symbol KBE, which has (1) broken its key supporting trendline (2) is getting within spitting distance of completing a topping pattern, assuming it breaks under that horizontal.
