Tag Archives for " Bank of America "

0 Financials Start the Rollover

The financials had the biggest move of all the industry sectors that dropped last week, down 2.9%. Is this the end of their rally? They do look like they are starting to roll over.

The video below is a very condensed version of what I provide to my Insider Members in their Weekend Market Analysis.

In this video I review this week’s market action by looking at the S&P 500 (SPX), NYSE Composite (NYA) and Russell 2000. I then review the semiconductors (SMH), homebuilders (XHB) and the financials (XLF). Three stocks in focus are:

• American Express  (AXP)
• Bank of America (BAC)
• Goldman Sachs (GS)

0 Still Overbought

On Thursday the DJIA and S&P 500 (SPX) put in reversal bars. We got the follow-thru on Friday with the DJIA down nearly 300 points and the SPX down 32 points…the biggest down day since Sept. 1st. Now we have a similar reversal bar for the week.

The market had reached an overbought extreme with the 3 week counter-trend move. Based on Elliott Wave count, Put/Call extremes and other momentum indicators there is still more selling to come.

I go into all of this in the detailed Weekend Market Analysis Video below. I also review the weekly charts of American Express (AXP), Bank of America (BAC) and Goldman Sachs (GS). Continue reading