Pilobolus Equity Research: Phlx Banking Index ($BKX) is breaking higher from consolidation

Monday, December 11, 2006

Phlx Banking Index ($BKX) is breaking higher from consolidation

The Phlx Banking Index ($BKX) is breaking higher after consolidating since Oct '06. Mergers news and industry consolidation has dominated the banking arena. Mellon Financial(MEL) and Bank of New York (BK) announced a merger last week. Core banking stocks that are technically poised to move higher include: C, JPM, CMA, and BBT.

About Pilobolus Research

Seth F. Wolff
A ten year institutional market strategist formerly with IdeaGlobal & Charles Schwab (Cybertrader Corp) advising institutional clients in the equity,commodity and fixed income area, with prior roles in institutional research sales in North America. Seth has also appeared in media coverage including Dow Jones and Bloomberg. A graduate of the University of Arizona with a B.S. in Finance and continuing studies at NYU Graduate Business School, Seth has also been a member of the Market Technicians Association (MTA) since 1990.

Disclaimer: Pilobolus Equity Research obtains information from sources deemed to be reliable; however, Pilobolus Equity Research does not guarantee the accuracy of any of the information or commentary provided. Pilobolus Equity Research makes no warranties, expressed or implied, as to the fitness of the information for any purpose, or to results obtained by individuals using the information. In no event shall Pilobolus Equity Research be liable for direct, indirect, or incidental damages resulting from the use of the information. Pilobolus Equity Research shall be indemnified and held harmless from any actions, claims, proceedings, or liabilities with respect to the information and its use.

Pilobolus Equity Research

Monday, December 11, 2006

Phlx Banking Index ($BKX) is breaking higher from consolidation

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