Left hand the BKX daily chart and as the count of the SEQ shows as we have a 9 count today that sometime next week we might get a counter move briefly as we have the 13 below 40 rather close to 35. In weekly terms we are in week 5 so the window dressing might implicate selling underperformers to year end. The dangerous part is that things get still worse for banks with jobless rates rising the foreclosure or overall credit book quality is about to deteriorate still sharply going forward. The hiiden but most dangerous part though is the part we have the least knowledge about is who has to what degree which derivative contract obligations of those 600 trillion in derivatives out there. Where is not enough money on this planet to settle those at least in real terms.
Friday, December 12, 2008
BKX outlook
Left hand the BKX daily chart and as the count of the SEQ shows as we have a 9 count today that sometime next week we might get a counter move briefly as we have the 13 below 40 rather close to 35. In weekly terms we are in week 5 so the window dressing might implicate selling underperformers to year end. The dangerous part is that things get still worse for banks with jobless rates rising the foreclosure or overall credit book quality is about to deteriorate still sharply going forward. The hiiden but most dangerous part though is the part we have the least knowledge about is who has to what degree which derivative contract obligations of those 600 trillion in derivatives out there. Where is not enough money on this planet to settle those at least in real terms.
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