Friday, September 26th. - Stock Trends, Charts, and Commentary (***If you see last week's Wednesday Update: Click Here)
Be Very Cautious now ...
Today's chart shows the monthly Banking Index (BKX). Note that the Banking Index itself was holding its support line ... but its 11 month RSI was perilously close to its support line.
This is a Danger condition and there is no room for error now.
The NPR radio leak this morning bad timing. In their report, they talked about Carmen Segarra who was a Fed Examiner that just released secret tapes on the Fed showing bank leniency. The bad timing of this coincides with a recent House vote to Audit the Fed and Deregulate Wall Street. It still has to be approved by the Senate, but John Boehner's comments were: "Finally, we're gonna audit the Fed."
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