Bullish Financials?
- alphatrends
- August 22nd, 2008
I received an email which asked me if my prior post indicated that I turned bullish on the financials. One day’s bullish action does not change the ugly mess on the daily chart below. With declining 10, 20 and 50 day moving averages I am definitely not bullish. In my prior post I was only suggesting the possibility of short term pressure on shorts. The best case for financial stocks is that they have become more neutral, but a break of 20.30 could lead to another test of 19.75 and then lower. This market remains “guilty until proven innocent” and it is going to take time to heal.
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Brian Shannon is a full time trader (with 17 years of experience), educator and author of the highly regarded book Technical Analysis Using Multiple... More »
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