Ugly Chart and Bad Fundies for Banks
Expecting something like this to play out with KRE (regional banks). So many headwinds for banks going forward, even if we avoid any further Corona problems (big if), we are expected to be in a zero or negative rate environment for years to come. Just look at what happened to Japanese and European banks under those conditions for long timeframes. It's not pretty.
Plenty of room to the downside after breaking through the primary wedge support line. Next stop looks like $33 area. Would expect some sort of bounce there before resuming downtrend to test the march lows.
Position:
12/18/20 25p
Would reassess if genuine reflation and growth begins in the economy. Long duration on the option so even if next move in stocks is upwards I plan to diamond hands these.
Plenty of room to the downside after breaking through the primary wedge support line. Next stop looks like $33 area. Would expect some sort of bounce there before resuming downtrend to test the march lows.
Position:
12/18/20 25p
Would reassess if genuine reflation and growth begins in the economy. Long duration on the option so even if next move in stocks is upwards I plan to diamond hands these.
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