The Banking Index has come under major pressure as a result of yesterdays sub prime news out of HSBC. The level of 119 was a key level and we broke below that yesterday, traded higher briefly today, and then it started lower again. I have taken that as a sign that all is not well, and for the time being, the place to be is on the sidelines. Have sold a bunch of stuff today....you can always buy it back when the all clear sound is heard, which I doubt is today.
I am still bullish, but ignoring signs like this one are done at a person's peril.
Buying my AUY back and adding to that position
Interesting that ADBE has not made a new low in this latest down move.
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About Me
- Greg Stipe
- Prior to founding ChannelForce in 1993, Greg was a professional trader for 14 years, He held trading positions with the Pillsbury Company, U.S. Commodities and most recently at First Interstate Bank in Los Angeles. In addition to trading, Greg runs TRAC 3, an executive coaching business.
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