Longer-Term Market Trends Message Board

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Strategies & Market Trends : Longer-Term Market Trends

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To: skinowski who wrote (1872)	10/7/2008 3:54:18 PM
From: Perspective	of 3209

BKX support here is pretty darned important. I think a lot of folks have been hiding in BKX with the safe harbor provided from shorts, plus the idea of a Treasury backstop. The short ban ends tomorrow, and I see the longs getting nervous. If I were long, I think I'd think twice about whether I really should have exposure there ahead of the lifting of the ban. Backstop or no, these companies are in serious trouble, and the technicals reflect it. From an Elliot POV, we see fairly classic corrective ringing to work off the oversold from June. Could see a rescue tomorrow, but it obviously isn't coming today. I'd certainly like for us to bounce in a vigorous short covering rally now, but what I want is irrelevant. `BC

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