I talked about being net long for the market “Trade” this morning, but also said don’t chase Luskin and Gartman into the bear trap called Financials. The XLF closed down -0.13% today, and is starting to look as tired as Dick Fuld must be of trying to define what a “Level 3 Asset” is.
Provided that the XLF doesn’t close higher than 23.78, the negative “Trend” in this sector will remain firmly entrenched. The US Financial Industry needs a full makeover, not a 5 day rally. Sell high, Cover Low.
KM
Provided that the XLF doesn’t close higher than 23.78, the negative “Trend” in this sector will remain firmly entrenched. The US Financial Industry needs a full makeover, not a 5 day rally. Sell high, Cover Low.
KM
(chart courtesy of stockcharts.com)