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Wednesday, May 20, 2009

Divergence Between S&P500 and Banks


One of the personalities of a B wave is that not all sectors participate. So far financials have yet to take out yesterday's early high. It might just be lagging badly, and I suppose if the SPX makes a new price high, the financials will pull up some, however it may be evidence of this as being a B wave.

By the way today's early monring rise and subsequent pullback should be wave (a) abd (bi) of [y], or [c], of Minor B of Intermediate [X]. So by my count this B wave rally will make another strong push in a wave (c) (or (iii). 200DMA is the target for a wave target somewhere in the 930's.

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