Tuesday, June 23, 2009
Regional Banks - a lock for the bears
Think of charts as the symmetry and art of human folly and there's no question that one sector is going right to its March '09 lows and that will simply be a pause on the way to further lows. This is a 60 minute intraday chart of the past 4 months of action in the KBW Philadelphia Regional Banking Index ($KRX), which I have covered before:
It stinks not to get TARP money and not to be able to suckle at the government teat. Regional banks are leading the way deeper into this deflationary economic depression with its attendant stock market bear for the ages. Get short or get out of the way. This is not a drill.