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BKX Points



Thanks very much for all the feedback on my Bank Index piece. While you all got the point, in the table, one column header was incorrectly labelled at first. It's fixed now and reads "BKX % Response." Sorry about that Minyans - but when you couple nerd excitement with writing the piece at 11:30 p.m., mistakes can happen.

  • The point of the piece wasn't to suggest selling the market. The point was to suggest that the BKX is extended and is very likely to decline over coming weeks and there could be an intermediate-term top there. I have been highlighting how I believe this market should stay in the range as a whole and is marked with violent rotation... this could begin with the financials.
  • How you take the article and what you do with it is an individual purpose here is to inform and educate. Maybe the signal won't work because of the multi-month breakout in the BKX. Then again, 14 out of 15 times it did... for at least a pullback.
  • People who have never looked at charts have told me about the clear-as-a-bell breakout in the BKX. I see it, and my opinion is irrelevant. In my view, real research doesn't convey opinion; it gives you information that should make you think about your current position. There is ZERO opinion or data-mining in that piece. It is what it is.
  • The only thing that doesn't change in the market is human behavior. The BKX has been in a five-year trading range. At the top end of a broad weekly trading range in anything, the psychology is that "I am too late to buy" and "it is too powerful to sell." Any of this sound familiar?

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