Channeling Banks

Drawn into the stream
Of undefined illusion
Those diamond dreams
They can't disguise the truth
--Level 42

After these pages noted that they had been trading conspicuously heavy, the banks proceeded to rally off support right on cue. However, after a two month lift took the bank index to the top of the multi-month trading range, it appears that the rally has fizzled. 

The index has now retraced about half of its gain in the course of a couple weeks. If it cannot hold this middle ground, then the bank index appears destined to retest the early July lows.

Seems like an 'old school' thought anymore, but it is difficult to see how the tape continues to lift without participation by the banking sector.

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