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I’ve gathered up nine charts of financial institutions which are looking quite vulnerable to a substantial drop in prices. I’m already in position on some other financial entities (ALL, FITB, MET, PRU, RF) so I’ll content myself with those. Here is the first one out of this fresh set of nine, and the other eight are visible only to paying members.
No, I’m not referring to the everyone-gets-an-A “test” the government pretends to give the banks. I’m talking about the banks ETF below. If we find support at the dashed line and rally, well, this fun bear slippage could be over, at least for a few days. On the other hand, if we violate this line, HUZZAH!
The topping pattern for the banks (in pink: duh) was massive and following, appropriately, by a plunge. After it had fallen hard, the banks were saved by that swine Yellen and her schemes and pushed right up against overhead supply. At that point, they began to reverse, and now they are back to the bottom of the “drop zone“. The question is: will KBE re-penetrate the green tinted zone, or will it find new strength from here and remain range-bound?
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