The Lemon Fool

Uptrend support was already violated a while back, so retracement to the 38% Fib was always a high probability... now that we are there the S&P really needs to bounce from here @4200 for the bull case to be kept intact, otherwise it's likely we're heading down to a lower Fib retracement:

So are you buying or selling?

MrFoolish wrote:So are you buying or selling?

Yes I am buying or selling

Anyone else in the mood to YOLO? I've been impatiently waiting for banks to go, and today it looks like CBK is finally breaking out of an eight-month consolidation.

GS

GoSeigen wrote: today it looks like CBK is finally breaking out of an eight-month consolidation.

Hmm, spoke too soon? Always worth waiting for the weekly candle to complete. Perhaps this is another buying opportunity. Income to treble this year -- I can't understand what the market doesn't like about that, it clearly really really hates banks.


GS

I finally increased my exposure to CBK on 12 Mar 2024. Banks have been outperforming this year. Long may it continue.


Where is the promised bear market?

GS

Although some of the banks I hold are only up 40-50% on this rally I have been taking profit on my leveraged positions because with the yield curve inverted and short rates around 4.5% the forward interest burns a hole in your pocket. Own-equity positions are still fully invested. I recently switched a little BARC to LLOY given the former's recent outperformance and a need to rejig my ISA/SIPP holdings.

The charts of most banks look amazing with nice solid breakouts. The FTSE is also building a very promising breakout with daily all-time highs.

GS
Disclosure: heavily overweight banks and FTSE.

GoSeigen wrote:Although some of the banks I hold are only up 40-50% on this rally I have been taking profit on my leveraged positions because with the yield curve inverted and short rates around 4.5% the forward interest burns a hole in your pocket. Own-equity positions are still fully invested. I recently switched a little BARC to LLOY given the former's recent outperformance and a need to rejig my ISA/SIPP holdings.

The charts of most banks look amazing with nice solid breakouts. The FTSE is also building a very promising breakout with daily all-time highs.

GS
Disclosure: heavily overweight banks and FTSE.

OK GS, I'll give to you that you've been discussing your TA trades.

Have to say though it still seems a bit ambiguous and after the event to me. You seem to be simultaneously saying you've been profit taking and that the banks look amazing.

But I'll continue to read with interest.