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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.
This is Regional Management Corp. (symbol RM) which, over the long haul, has a tendency to form beautiful, powerful reversal patterns. Just something you might want to add to a watch list, particularly since it completed its third major rounded top of its history.
This is one of those days in which only a fool would dare offer short-sales ideas. I am that fool! Below are a quartet of personal credit companies whose patterns I find enticing…………
