The Chart du Jour
I have been quiet of late. Not only did the market run somewhat awry of our October expectations, but a seasonal chest infection has now left me less inspired and energetic than normal. My apologies. Subscribers should rest assured that a full-length article is in the works and will be forthcoming in a few days.
From one's sick bed, though, I just can't help but comment on the chart of Capital One below. If Providian has already fully melted down, Capital One has simply started to drip. Although one can imagine the consumer gaining some measure of reprieve from being financially tapped out via the recent rush to refinance home mortgages in "cash-out" transactions, Capital One's delinquency rate should notwithstanding continue to secularly rise together with unemployment.
The recent weekly pullback to its broken uptrend line may be yet another fine opportunity to short this stock. New Fibonacci bands suggest $25.50 will eventually be in the cards.
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