Chart of the Day
For some perspective into the all-important banking sector, today's chart presents the current trend of the KBW Bank Index. As today's chart illustrates, banking stocks were trading within the confines of an upward sloping trend channel from mid-2005 into early 2007. Then the impact of an already weakening real estate market began to take its toll and ultimately led to the current financial crisis. It is worth noting that the price of banking stocks have been decreasing and continue to decrease at an ever-increasing rate and today made new bear market lows.
Notes:
- Where's the market headed? The answer may surprise you. Find out right now with the exclusive & Barron's recommended charts of Chart of the Day Plus.
Source - Keefe, Bruyette & Woods, Inc.
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Quote of the Day
"A bank is a place that will lend you money if you can prove that you don't need it." - Bob Hope
Events of the Day
January 19, 2009 - Martin Luther King Jr. Day (observed) - Australian Open Tennis Tournament begins (ends Feb. 1st)
January 26, 2009 - Chinese New Year
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