By Andrew Nyquist
It’s not coincidence that the Bank Index pulled back, sometimes leading the general market lower. For this reason, it’s always good for investors to keep an eye on the banks and select financial stocks. So what’s happening now?
A week ago, I put out a market update (Where’s the Love?) looking at current uptrend and lateral support of the Banks, highlighting the importance of holding this line in the sand. Well, so far so good. Keep an eye on this support, as the broader market may follow suit.
Trade safe, trade disciplined.
More charts here.
Bank Index (BKX) chart as of November 2, 2012. Bank stocks technical analysis with highlighted support and resistance. Banks and financial sector.
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Twitter: @andrewnyquist and @seeitmarket Facebook: See It Market
No position in any of the securities mentioned at the time of publication.
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.
