In last week’s sector column I suggested that the banks looked like they were rolling over. Of course, the market took all boats higher last week but the BKX index failed to make a higher high – no not a higher high than its previous rally peak but its most recent swing high. The S&P 500 has equaled, more or less, its highest rally high. Even the lagging Russell 2K took out its most recent swing high (in its bear flag).
Monday, Dow up 100, BKX was red. Tuesday, Dow up 67, BKX down a whopping 3.1%.
While I am starting to get hate mail from my column, and yes, I missed the 8% rally, but I am not in this for one week swings.
Believe it, or not
