Santa,
the bkx has been coiling in what looks like a bull flag, I don't think it has broken out yet, but the potential is there.
The spx broke out of the 3 month trading range a couple of weeks ago and retested the breakout on lower volume,
Since the BKX is the largest component of the SPX this is a big deal, if the BKX makes a move up out of this coil, you don't want to be short,
there has been some very bearish worries keeping the bkx in tow about fannie and freddie, if those worries are bear delusions, the shorts are gonna continue to get a spankin.
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