Thursday, January 15, 2009

Bank Index Breaks Low



As I mentioned in yesterday's post, the bank stocks are where the real weakness is in this market and today the index (BKX) broke to a new year low. Even though the Dow, NASDAQ and S&P were slightly up on the day, the bank stocks took it on the chin today reaching levels not seen since the mid 1990's.

1 comment:

Anonymous said...

BKX usually sets the trend for the S&P 500. There won't be a real market rally without the banks. The ratio of the BKX to SP is getting out of its normal range. either the banks need to "overperform" or the SP will "underperform" to get this ratio back in line.

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