Short lived rally! And like the view of selling into strength.
BKX: Daily momentum appears to be extended. Following a 10-12% upside move since Q4 2005, this is not an attractive risk/reward point. At least not favorable odds for a timely entry point.
Watch a key resistance level on the bkx of may highs at 113.73 on May 8. Even a breakout above that level further extended recent rally which started on Oct 2005.
I know one should not fight the fed, but the news appears to be discounted and rather a non-event.Risk: Defensive themes in the markets have been working and on a relative basis banks might not be as a bad on pullbacks
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The positions and strategies discussed on MarketTakers are offered for entertainment purposes only and are in no way intended to serve as personal investing advice. Readers should not make any investment decision without first conducting their own thorough due diligence. Readers should assume the editor holds a position in any securities discussed, recommended or panned. While the information provided is obtained from sources believed to be reliable, its accuracy or completeness cannot be guaranteed, nor can this publication be, in any way, considered liable for the future investment performance of any securities or strategies discussed.
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Dear Readers
The positions and strategies discussed on MarketTakers are offered for entertainment purposes only and are in no way intended to serve as personal investing advice. Readers should not make any investment decision without first conducting their own thorough due diligence. Readers should assume the editor holds a position in any securities discussed, recommended or panned. While the information provided is obtained from sources believed to be reliable, its accuracy or completeness cannot be guaranteed, nor can this publication be, in any way, considered liable for the future investment performance of any securities or strategies discussed.
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