Welcome to TradersBASE, your home base for market insight!

Well what a bullish day we had. Financials had a HUGE HUGE day, Oil fell another $5 and the dollar gained ground.  Is this the bottom?    Well to me this was a technical move but is a significant one. I do think the bounce will continue to give us a bear market bounce at a minimum.   One thing that did catch my eye was the volume in some of the financials. Concidering that financials are what lead the way today you would expect massive volume on this type of move. Some did have huge volume and others didn’t.  There will be banks that survive and I would imagine there will be more banks that join Indymac in the grave. On a day like today I would look at the banks that had HUGE volume as the banks that have the potential to survive and make out just fine.  I would view the others as stocks that just went along for the ride and maybe had some shorts covering.   I would keep that in mind if your ready to jump in and pick a bottom in these financial stocks.

Leave a Reply