Bank Stocks Are At The Wall of Massive Resistance

By: readtheticker | Thu, Feb 23, 2012
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Bank Stocks Are At The Wall of Massive Resistance

The most risky 'risk on' asset of all, are the big bank stocks. When they rally hard you know the central bank liquidity is running freely. Goldman Sachs (GS) Gann Angle technical picture suggests this is as far as it goes for the Jan 2012 rally.

The US Federal Reserves POMO schedule actually takes monies out of the market over the next few weeks, this may assist lower stock prices. And of course there is always the worsening fundamentals (PMIs from Asia and Europe) etc, but who follows fundamentals, not this market.

The chart for Goldman Sachs, price is up against a bearish 1x2 angle. Much like other banks stocks as they are all are up against heavy resistance.

Goldman Sachs

 


 

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Author: readtheticker

readtheticker
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