The BKX is still in a clear downleg, wave 5 down and needs 3-4 weeks to complete it. THE MOMENTUM HAS NOT CHANGED - and we should resume the downside next week. If Obama becomes President, easy times for banks might be over trading momentum. I think easy money for banks is over by all means and the $108 bil. bonus pool in perspective to a $125 bil. bailout injection of capital looks very crooky and pressure should build up. Still, this will create a buying opportunity once the weekly 13 materializes but we have 20% to lose before that can happen. Have an eye on those stocks going forward.
Wednesday, October 29, 2008
BKX technical update
The BKX is still in a clear downleg, wave 5 down and needs 3-4 weeks to complete it. THE MOMENTUM HAS NOT CHANGED - and we should resume the downside next week. If Obama becomes President, easy times for banks might be over trading momentum. I think easy money for banks is over by all means and the $108 bil. bonus pool in perspective to a $125 bil. bailout injection of capital looks very crooky and pressure should build up. Still, this will create a buying opportunity once the weekly 13 materializes but we have 20% to lose before that can happen. Have an eye on those stocks going forward.
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