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Preface to this post: Due to a fairly busy schedule on Friday, I am composing this prior to the opening bell. Thus, the charts are accurate through end-of-day Thursday, but the general points remain the same.
One of the less-known index charts I look at is symbol $DJUSFN, the Dow Jones US Financial Index. Here is a recent daily chart, which shows Thursday’s explosive rally achieving nothing more than almost perfecting sealing the price gap from last week.
I see my IYR puts are now up 666% from where I dumped them. How fitting. Well, they expire in eight days, so at least I’ll shut up about them soon.
I’m not happy – – not happy in the least – – with the lack of follow-through with this morning’s sell-off. We were down nearly 80, and as I type these words, we’re down mere 29 points. I have done almost no trading, with the exception of dumping my FDX position at a loss. I’m in wait-and-see mode right now, still sitting on 10% cash.
As a side note, financials still have very good-looking topping patterns, such as American Express (below). But I really want to see some follow-through, since we got to 3502 early (remember my 3500 target for the year??) and then started strengthening.
For your consideration…Silicon Valley Bank (SIVB) is reporting after the close today, and considering their long-term channel, the seem prone to a fall.
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.
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