Mutual Patterns Converge

While banks continue to see selling pressure that has been weighing on them
since late January, there are some standouts among the banks that are holding
up very well. Washington Mutual
(
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PowerRating) remains in a 15-month uptrend as is
evident on its weekly chart, in addition to showing some resiliency of late.

In addition to the weekly chart, Washington Mutual also looks relatively
strong on its daily chart and has been trending higher since its January 2001
pullback. It has recaptured is 50-day moving average throughout the recent
run, and Friday even managed to post a 1.35 gain to 53.35 on
heavier-than-average volume.

It is always constructive to see more than one pattern converge, and it was
also positive to see Washington Mutual post gains despite so much worry in the
banking sector.