Other factors: commercial real estate exposure, 25% short interest, potential FAZ bottoming pattern, larger cap regionals are extended, geopolitical risk (South Korean torpedo incident), quarter closing out.
Friday, March 26, 2010
Today, Zions Bancorp (ZION) made a setup that I have found marks high probability tops (and bottoms, in mirror reverse). The setup is a higher high on the daily with a lower high on the MACD at the time of a fast EMA cross. Admittedly, though, this pattern does not typically take 2 months to develop.