Broker Index (XBD) Closes Below Its 50 Day
The XBD closed below its 50 day moving average today. On Friday the brokers were weak and throughout the day today we saw more of that selling. We had a higher open in the market this morning so naturally brokers opened higher too, but within minutes the brokers all went negative. Some of the weak stocks in this group were: Morgan Stanley (MS) down 3.03%, MER down 2.67% and AMTD down 2.06%.
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2 comments:
XLF the financials spdr has also been under pressure lately. It is a broader index, but contains many of the same stocks (MS, LEH, MER, GS, etc). Unlike XBD, however, it did find support at the 50dma today.
I think I'm about to cash out my AGE and GS shares.
Yes, brokers are in trouble related to collapse of credit default swaps on MBS. Of course they are not so in trouble as, say, NFI or NEW.
Expect more down.
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