Double Bottom?

10/15/2008 11:42 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

chart

The KBW Bank Index (KBE) appears to be forming a double bottom as it just barely dropped below the July lows last week while the Demand Index formed higher lows. Still, a broad trading range is likely with resistance at $35-$37 and then at $42-$44. Support at $23-$25 needs to hold.

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