I noticed that the banks are all up at there 52 week highs..However NED is moving at a faster pace than the others,is there something that hasnt been released on the SENS??SBK seems to have a strong resistance at around 10100 and ASA has resistance at the 13000 mark..Is it too late to go long on 1 of these banks??
If you are a investor it is not to late to go long.....if you are a trader I would be more wary until we know what the dow is going to do now that it is trading on major resistance. A short term pull back is in my opinion very likely off this resistance level. (9850)
IMO - It'll drop solidly only when greed has run its course and fear reasserts itself. Nobody's scared right now. All talk is of buying the dips - what's to be scared of? The only thing creating wariness is that maybe the rise has been too quick, but that isn't anything to fear in itself because the situation seems very different from before the banks got their get-out-of-jail card.
However, my personal emphasis is on the word "seems". This baby is still tied to government's umbilical cord. It's not fixed until it can walk by itself.
I trade the 4 screen way....lokk at the dow, then the ALSI, then the weekly, then the daily. My concern with the bigger picture is that we are probably in for a short term pull back with the Dow on strong resistance. I think a short term pull back is on the cards for this week, unless an over bought share and the over bought alsi can continue to rally in the face of dow weakness....