From Chris Kimble: Some question if “Pigs Can Fly.” I don’t know if they can or can’t, of late though, Piggy Banks are flying high and breaking out.
We have highlighted positive bank patterns of late and three weeks ago we shared that the banking sector was sending bullish signals and Regional Bank ETF (KRE) looked like they were ready to break out of a bullish flag pattern, See Post HERE.
The Bank Index is breaking above highs hit earlier this year at (2) and back above channel resistance at (3). Banks continue to send a bullish message to this important sector and potentially the broad market.
Full Disclosure- Premium and Sector Members have been overweight banks for several months and continue to like what we see, from a Power of the Pattern perspective. Multiple banks positions are owned and we continue to bring up stops to protect gains.
The SPDR KBW Regional Banking ETF (KRE) was unchanged in premarket trading Wednesday. Year-to-date, KRE has gained 3.46%, versus a 15.84% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Kimble Charting Solutions.