Don't look now, but JPM has joined GS in a technically weak chart configuration. Both stocks are below their 50-200 day moving averages; JPM's moving averages are flat and GS's are all pointing downward in a perfect configuration as the euro has, with the shorter term smas having the lowest values.
Super-regionals such as WFC (if one can call that giant a super-regional) and many others that are not the major broker-dealers have better chart patterns, but it is the giants that rule the roost. Weakness in their stocks led the rest of the market by a year or more in 2006 onward. Might it be happening again?
Copyright (C) Long Lake LLC 2010
No comments:
Post a Comment