I’ll have something this afternoon on the Housing Market/Homebuilders. Meanwhile, before you get too excited about the Financials (Doug!), have a look at this chart:
Chart courtesy of Jim Walker, Asianomics
It suggest quite a few untoward things about the FINs.
Note: I am not implying that they should trade identically to the Homebuilders — just that its quite possible that there is still more risk in them . . .
Economic Wave Theory
Dr. Jim Walker
On days like this, where the market opens up over 100 and closes down 170, I always get that "Black Friday" feeling — that no one really wants to carry much equity exposure over the weekend.
But its Friday night — Enough market talk! Its time for some jazz to mellow out to.