Thursday, April 2, 2009

$BKX daily chart - no breakout yet

Still havent broken out.
$BKX printed a noncomittal candle and it also did not go up too much considering how much the indexes went up. Not super encouraging.

Now the question is we see a breakout. Based on its current zone, it needs to break out tomorrow or it will drop deeper into the box.

Given that there are black exhaustion candles in XLF, UYG, etc. it might be a tall order.

On indexes, v good volume but signs of exhaustion towards the close so breadth wise, positive but the level of strength varies across the board. IYT for example had a v big day today.

1 comment:

In Debt We Trust said...

I've noticed that in recent weeks Fridays tend to be lower volume, profit taking type days. Not so much the short covering frenzy typical from last fall.

May 15 - Closed out IWM puts for +120% and picked up DAL and HD Jun calls

I'm going to let the market do its thing this week and probably stay away from new positions until Friday unless something very good pop...