Death Crosses form on Bank of America & Citibank stocks

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Death Crosses form on Bank of America & Citibank stocks

BANKING PANIC OF 1907 MIGHT RESURFACE in 2014-2016 period

Could the Panic of 1907 repeat today and tank stocks?

The Panic of 1907 – also known as the 1907 Bankers' Panic or Knickerbocker Crisis[1] – was a United States financial crisis that took place when the New York Stock Exchange fell almost 50% from its peak the previous year.

The root cause of this banking panic was DERIVATIVES. Even though the word had not been born, the action of banks had "DERIVATIVES" written all over it. Consider:

"The panic was triggered by the failed attempt in October 1907 to corner the market on stock of the United Copper Company. When this bid failed, banks that had lent money to the cornering scheme suffered runs that later spread to affiliated banks..."

Read about today's horrific exposure to DERIVATIVES:

The Deadly Derivatives:

Gaining Scale For The OTC Derivative Market:

Death Crosses form on Bank of America & Citibank stocks (The Death Cross is when the 10-week Moving Average crosses below its 40-week Moving average), which is a Sell Signal for most Technical Analysts.

Bank of America appears to be already heading down to retest its 2009 low at $2.50/share.

And international giant Citibank is doomed to revisit its 2009 low…at about a sawbuck per share.

All in all US banks appear to be going to hell in a hand basket.

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