Friday, July 25, 2008
Financials & Anti-Financials
Here we have a bearish picture of the daily BKX with resistance that corresponds nicely with the long term resistance from the hugely bearish monthly chart posted the other day. There is room for additional upside for this Ponzi scheme although that is surely not a given.
Conversely, the GDX (gold stock etf used here because it shows gaps and volume) has additional downside potential despite an okay looking candle and gap fill. The blue [neck] line would correspond to around HUI 390. Although neither is this a given. Bottom picking, a tough racket. Those so inclined might watch individual stocks and buy all in and around as they are barfed up.