Friday 21 November 2008
Banks Bounce?
Quite a day. Quite a week. Quite a decade! Nice bounce back above the 2002 lows for the S&P 500. Could this be the bottom? Don't know, but you can bet there are a bunch more surprises awaiting. The three-month T-Bill chart still looks like a horror show. Just updated my latest signals table based on this afternoon's Commitments of Traders data. A lot of new signals this week (bullish copper and banks - the latter with a one-week trade delay - cash for crude oil and bearish for the 5-Year Treasury). I'll be ignoring the copper signal because of my Highly Correlated Markets Rule. (See more on that here.) I'll post a lengthier update early next week. Have a relaxing weekend.
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1 comment:
Hi Alex;
Your setup does make sense. If we continue this way BKX will be 0 by end of next week; but be careful it can stay there for a long time :-). Just a little humor. I think you will do well with your Japan trade. Best wishes.
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