Support the Wall Street Examiner! Choose your level of support to receive a free proprietary report as my thanks. Click the button below to see your options. Become a Patron!

These Are The Bank Stocks That Are Trying Shorts Souls

This is a syndicated repost courtesy of Slope of Hope. To view original, click here. Reposted with permission.

There are times on Slope that I’m so prolific that I have to hold back on publishing new posts in order to avoid the “drinking from the fire-hose” feeling for my readers. Other times, like now, when I either don’t feel like writing or am writing something so time-consuming that I ignore everything else. At the moment, both apply.

Liquidity moves markets!

Follow the money. Find the profits! 

But I need to throw something out there, so I’ll just say that the thorn in my side is right here, with KBE:

Yep, it’s the banks. Even though, as I’m typing this, the ES and NQ are both down hard, double-digits in the red, banks are merrily continuing to be strong, which frankly is pissing me off. It is absolutely core to my thesis that banks complete their topping pattern. They haven’t broken it, but by God, they’re not making this easy.

The longer-term view shows how the moving averages are still bearishly configured, and we are, for the fourth time, making an excursion above those indicators. Hopefully, likewise for the fourth time, we’ll descend beneath them once more.

Stepping back even farther is the big picture that you’ve seen so many times.

I remain very light in my portfolio. Now I’ll return to the longest post I’ve ever written, which I intend to publish here after the close.

Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. I may receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.

Try Lee Adler's Technical Trader risk free for 90 days! Follow the money. Find the profits!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.