Friday, September 19th. - Stock Trends, Charts, and Commentary (***If you see last week's Wednesday Update: Click Here)
Last week we reported on the Banking Index. It has been a good week for the Banking Index so far because it closed at 73.96 yesterday ... that was 0.06 points above its previous intra-day high of 73.90.
That means it needs to be tested today. While the test goes on, there is a dichotomy also going on. Why is there a dichotomy? It is because the NYA Index, the NYX, and the IWM still have not caught up to their recent highs yet.
There may be a reason for the BKX (Banking Index) to be rising ... the question is whether or not it is actually a good reason.
The good news was that the mortgage applications rose 7.9% during the week of September 12th.
The not so good news may be why ... the 30 year fixed rate had an up spike that may have set fear into potential borrowers. If that is the case, then the motivation for the increase is not a great reason for an increase in mortgage applications.
Here are the two charts we discussed today ...
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