This is just a sampling of the kind of damage done recently. I have gathered up some charts into specific sectors.
Carnage Class: Finance
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Financial Sector Flattened
There is lots of “air” below Monday’s closing price of 22.81, as shown on the monthly chart below of the U.S. Financial Sector (XLF).
Major support lies at 20.00, while major resistance (formerly support) is now 23.50.
Crib Death
The entirety of the premium Morgan Stanley paid for E-Trade has been destroyed. They sure top-ticked the market on this one. Serves them right for pandering to that creepy spokes-baby.
And There You Are
Busted Banks
If I may pat myself on the back, my identification of the trendline touch for KBE was spot-on. Score 1 point for the pure bearish spirit, and negative 1 for the hideous ogre Abby Joseph Cohen, the Medusa of the modern age.
Bank Shot
One of the most vulnerable sectors in this goes-up-every-market is, I believe, the banks. Earlier today, I shorted KBE, with a stop at 46.35; it is already showing a modest profit.
