Bank Shot

You can make or break
You can win or lose
That's a chance you take
When the heat's on you
And the heat is on
--Glenn Frey

Todd Harrison just Tweeted the following:

Boy that $BKX chart makes me wanna sell rallies...and there's *some* room to do that.

— Todd Harrison (@todd_harrison) January 22, 2016

Using a horizon similar to what we just showed for the SPX, a case can be made that the banks are suggesting lower general prices as the BKX has already decisively broken its key support line (BKX 66ish) and is currently chewing thru its 200 day moving avg.

Indeed, there's a lot of room between up here and down there.

position in SPX