Some question if “Pigs Can Fly.” I don’t know if they can or can’t, of late though, Piggy Banks are flying high and breaking out.
We have highlighted positive bank patterns of late and three weeks ago we shared that the banking sector was sending bullish signals and Regional Bank ETF (KRE) looked like they were ready to break out of a bullish flag pattern, See Post HERE.
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The Bank Index is breaking above highs hit earlier this year at (2) and back above channel resistance at (3). Banks continue to send a bullish message to this important sector and potentially the broad market.
Full Disclosure- Premium and Sector Members have been overweight banks for several months and continue to like what we see, from a Power of the Pattern perspective. Multiple banks positions are owned and we continue to bring up stops to protect gains.
Why you see charts with brief commentary: There is a ton of news and opinions around markets and assets that make the decision-making process more difficult than it needs to be. I believe the Power of the chart Pattern provides all you need to see what is taking place in an asset and determine the action to take. This approach has worked well for me and our clients and I encourage you to test it for yourself.
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