Banks Bear Watching

09/11/2008 12:00 am EST


Thomas Aspray

, Professional Trader & Analyst

Despite Monday's sharp rally, the bank index KBE just reached stronger resistance and has since turned lower with volume heavy Wednesday. A break below the key support in the $29-$30 would likely mean another sharp decline in the overall market. Converging resistance still in the $37-$38 area.

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