Bear's two funds are worthless.
S&P downgraded over 400 bonds.
Several financial institutions increased their loan loss reserves.
As a result, investors are nervous about what will happen to various financial companies.
That means they are selling financial shares. Also note the increased volume in this sector over the last three days. The selling is accelerating.
1 comment:
The weekly XBD chart shows long term (April 2005) support at around 240. The market likes to push to the limit on occasion and the Broker/Dealer Index's limit is 9 points lower. It may breakdown but so far it's all noise within an established uptrend.
The BKX, also under pressure, held it's one year support at the close on Friday.
The sky may be falling but new highs may also be in store. The commercials are very long and the speculators are very short.
Post a Comment