I'm back!! For years I've told myself to take several weeks vacation during August. And so, this year I did it. Even after an extended break, one thing is certain: the markets are still there when you get back and the charts seem less "biased." Nestled in the middle of my much needed break was the Minyan retreat in Crested Butte. I know by now you've heard some great feedback from those action packed few days but allow me to say thanks to all those who were there. I look forward to continued dialogue with everyone and expect to meet new Minyans at the '05 retreat. The spirit of Minyanville was never more evident than in CB. It was a festive gathering of market minds with each of us challenging the other to at least consider the market from a different perspective.
The last full day I spent in the office was nearly three weeks ago. But there seems to have been one constant while I was gone. The financial stocks were solid. Over the last three weeks, the BKX gained more than 6 percent. In the process, the index only once made a lower low on the daily chart and that was more than 2 weeks ago (Boo better not let me go on vacation anymore).
In fact, the index ended Friday with a streak of 10 consecutive days with higher lows on the daily chart. Looking back 10 years, such a streak had occurred just seven times. Although the streak rarely lasted more than 10 days, the future performance was usually positive. Keep this in mind as we go forward.
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