Banks About to "Help" the Broad Market?

By Chris Kimble of Kimble Charting Solutions
March 5, 2013

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One of the Beatles many hits was "I Need A Little Help From My Friends" (see video here).

Banks/Financials have been a good friend to the broad market since the 2009 lows, helping to pull the S&P 500 higher.

Now the Bank Index (BKX, left chart below) and the Financials ETF (XLF, right chart below) are both testing their 38% Fibonacci retracement level of the 2007/2009 financial crisis. This morning the Dow is setting an all-time high levels and the 500 index isn't far behind.

 

 

From a portfolio construction perspective, the best news and a real positive for the broad market is to "get some help from the Banks/financials" by breaking above this important Fib level!



For information about Kimble Charting Solutions, send an email to services@kimblechartingsolutions.com.

 

 

 

 

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