Philly Bank Index (99.60)

On October 13, 2005, I said I still didn't like the bank stocks but I could see that they would soon be in short term oversold territory, implying a bounce ahead whether I liked bank stocks or not. The next day the senior banks and the Philly Index took off like rockets on the upside - almost like penny stocks.

As I write today, the index has slammed into both round-numbered and downtrending resistance in the area of 100.

I still don't like the senior U.S. bank stocks beyond the near term but I will have to reassess this position if we push above the resistance levels mentioned here.