In 2008 the Market rallied after the Bear Stearns collapse near March Trip Witch. Other banks stepped in to buy it up and disaster was averted! Or rather a 6 month stay of execution for the rest of them... The week of Sept 15th Lehman Bros collapsed, followed the next week by WaMu, then the next day by Wachovia. Wachovia would've probably survived if the other banks hadn't murdered financial stocks so bad. The dominos had started falling 6 months prior, tho.
So, if the market rallies here, I'd look for a similar pattern to unfold. Compare mid-summer to see if it's valid.
So, if the market rallies here, I'd look for a similar pattern to unfold. Compare mid-summer to see if it's valid.
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lining up with the May peak so far