Barclays shares in the UK have fallen 9% after it announced further restructuring, a dividend cut, and an 8% decline in statutory pre-tax profit. As part of the restructure, Barclays is looking to sell off its 62.3% holding in its African business. They followed the trend of commodities and now they are following that same trend by exiting. Banks are notorious for buying the high and selling the low. Historically, they have been one of the worst investors in the arena.
You can see that even the Dow Jones Financial Index never made new highs above 2007. We see this index in serious trouble. A close below last year’s low technically will signal this is heading lower into the abyss ahead.
