Here I am on Monday November 21 about 1pm and the Dow is down 296 and the TSX Comp is down 185. Panic now as investors sell to raise cash. Business television as usual is loaded with doom and gloom.
Technically we are still OK. The NYSE advance / decline line at mid-day is still holding above the early September peak and the A/D line is also well above those early August – late September lows. For more bullish evidence look at the iShares Dow Jones US Regional Banks (IAT) $19.94 which seeks investment results that correspond generally to the price and yield performance of the Dow Jones U.S. Select Regional Banks Index
Top 5-holdings by weight
PNC Financial Services Group PNC
BB&T Corporation Common Stock BBT
Fifth Third Bancorp FITB
SunTrust Banks, Inc STI
The regional banks lead the SPDR Financial and so far there is no technical damage. Note the recent breakout on the relative spread. As of to-day the IAT at $19.35 is just down to support at the 50-day MA – now or never.
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