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Chart of the Day
The initial priority for resolution of the current crisis is the solvency of the banking system. Without a functioning banking system, everything else (i.e. the economy, real estate) falls apart. To that end, today's chart focuses on the all-important banking sector by providing the current trend of the KBW Bank Index. As today's chart illustrates, banking stocks were trading within the confines of an upward sloping trend channel from mid-2005 into early 2007. Then the impact of an already weakening real estate market began to take its toll. Banking stocks began to decline and as the real estate bubble/overleveraging unraveled, banking stocks began to decline at an ever increasing rate. Fast forwarding to the present, as a result of a very sharp four-day rally, banking stocks today broke through resistance (red line) of the latest (and steepest) down leg providing a glimmer (albeit faint) of hope.

Notes:
- Where's the market headed? The answer may surprise you. Find out right now with the exclusive & Barron's recommended charts of Chart of the Day Plus.

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Quote of the Day
"True individual freedom cannot exist without economic security and independence. People who are hungry and out of a job are the stuff of which dictatorships are made." - Franklin D. Roosevelt

Events of the Day
March 17, 2009 - St. Patrick's Day
March 19, 2009 - NCAA men's basketball championship
March 20, 2009 - First day of Spring (Northern Hemisphere)
March 21, 2009 - NCAA women's basketball championship


Stocks of the Day
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