Banks Take The Market Lower
Today one of the weakest groups of the day were the banking stocks. Up until last week the bank index (BKX) was actually holding up rather well as can be seen in the relative strength line making a new high. This week however things have changed considerably. The relative strength line has broken its uptrend line which is not a good sign for the market. When one of the strongest groups becomes weak, that's a negative for the stock market.
Some of the weakest stocks today within the BKX index were STI down 6.19%, USB down 4.88%, MTB down 4.82% and Zion down 4.47%.
3 comments:
Hi Kevin. I've been a follower of your blog for several months. I have never acted on your advice, but I do appreciate the thought process being shared. It's fantastic and informative.
Thanks
Kevin,
This could spell trouble for the market to break below 1000 this summer.
-traderwannabe
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