Washington Mutual Inc. ((WM) – FusionIQ Master Technical Score – 9) shares have been like most financials over the last several months, utterly obliterated. However just when many people thought the financials were bottoming now many, such as WM, are making new 52 week lows. The moral of the story is it is hard to catch a falling knife so don’t try, unless of course you worked in the circus in a previous life !!
We still remain negative on the financials across the board so don’t be seduced by the fact they appear cheap.