The top chart shows the BKX bank index rolling over out of a bear flag after breaking down below its rally trendline in October. The second chart shows the XLU utilities index breaking out of a textbook expanding wedge formation and looks solidly higher.
Banks down - utilities up doesn't sound like bull market behavior to me. Note that the BKX was one of the first indexes to break down in 2006 well before the rest of the market while the XLU was one of the last to break down, holding up until December 2007.
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