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Bank Index (BKX) and Financial ETF (XLF) declined over 80% during the financial crisis. Since the 2009 low, the strong rally has these two facing their 38% Fibonacci retracement levels right now in the 2-pack above.
Banks and the broad would benefit from an upside breakout above this Fib level and resistance above. Ironic that the banks are facing this situation while the Cyprus info hits the news wires?
Would positive news from Cyprus help out Banks and the broad market? Stay tuned!