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Watch The Banking Index ($BKX) ...

The Banking Index is a key to the market and the economy.

Central Bankers are reported as being scared now, so caution is a very good thing to exercise at this point.

Below is a weekly chart of the Banking Index. Just before the 83.43 resistance level (see the horizontal red line) from September 2008, we will hit a 61.8% Fibonacci retracement. A good question to ask yourself is: Do we have the necessary growth to pay off the loans that are already in existence?

Banking Index Chart

 

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