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Bears return as financials again lead the way down

20.08.08

Banks and insurers were the pick of a very bearish session yesterday as selling volume picked up, and it looks as though we are now commencing the next phase of the bear market. Far Easterm markets rallied slightly, but any opening markup should be used to increase short positions.

It was a second down day in the US as rising oil prices, poor economic news and downbeat retail results all hit equities. The FTSE 100 index also fell sharply with financials well down on renewed
concern that another major US bank could collapse in the next few months. Given the pickup in selling volume, it now looks as though we are going down for a few weeks, despite any short term bounces as might be seen today.

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