The Banking Index (the BKX) is still showing a very high risk profile, especially
after the approved Brexit vote.
Last Monday we said: "The market will be about the Brexit vote this week,
so be very careful."
The downside pressure has increased with the CRSI coming in at a negative
-8.04 last Friday. The Fed will try to mitigate the market's
downside pressure today and tomorrow, so we could see some whipsawing. (Tuesday
could be an important day on the VIX, so keep an eye on it.)
Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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