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Thursday, June 18, 2009

Financials: Charts Say "Decisions Time" Update2

This is an update to the post Financials: Charts Say "Decision Time" Update1.

BKX is now sitting on support at the 50 day EMA (red line). Failure to hold here will result in a pretty steep drop as significant support is quite a ways off.

KRX couldn't get passed the resistance of the both the 20 and 50 day EMAs (blue and red lines) and has now slid below the previous pivot around $39.00.

All this talk of "Green Shoots" and the Philadelphia Mortgage Finance Index (MFX) peaked and rolled over in the first week of May. MFX is now below the 20 and 50 day EMAs (blue and red lines). The 200 day EMA (green line) might as well be on mars.

The fact the KRX and MFX have both already rolled over increases the odds that BKX will follow. When that does occur, the implications for the broader markets are obviously not good.

3 comments:

Hulu said...

Ninja,

Can you comment on the story of the 2 Japanese guys getting caught with $134 Billions of US bonds in Italy?

Thanks....

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