Tuesday, 28 October 2008

The Little Bounce That Couldn't

Looked like a nice bounce coming into the open, but it's fading pretty fast. Two good tells right now are the HGX Philadelphia Housing Index, which quickly broke below the lows of yesterday and last week, and the ratio between the 200-percent leveraged UYG ProShares Financials Fund and the BKX Bank Index (which you can view in StockCharts.com by using the symbol UYG:$BKX). The latter is a way to check sentiment by seeing how the leveraged fund is doing short-term against the index. UYG:$BKX also quickly broke down this morning. Good luck this week.


IC said...

Well as we know today, yes it could. Holding UYG since $7.26, I think we go up for a while. Your trading set-up for banking still OK Alex. Oh, and waiting for Gold to hit $650 or less; don't fail me COT. Thanks for sharing Alex

IC said...

Well as we know today, yes it could. Still holding UYG, I think your set-up for banking works well Alex. Waiting for gold below $650; help me COT. Thank you for sharing Alex.