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Patience
Aug 26, 2008

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Charles E. Kirk

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The bullish bias we saw at the end of last week disappeared today and the market gave back those gains in another low-volume trading day.

S&P 500

Weakness was widespread but the financials led the way lower and we've yet to see a break of that dominant long-term trend:

XLF

Even in spite of several attempts recently, the S&P 1300 level has proven difficult to overcome. Real M&A activity within the financials and clarity on the Fannie & Freddie situation combined with even lower oil prices can serve as a catalysts, but it appears we'll have to be patient. In other words, more of the same I'm afraid.

by Charles E. Kirk (The Kirk Report )

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