I know I mentioned this last night but it's worthy of another look because now it's about 20 cents from breaking all time lows. Some pundits in the financial media seemed very surprised after the close that the financials just aren't leading here. Newsflash, the financials won't be leading anything for the next two to three years in my opinion. If the low on this sector is breached with strong volume in the short term, wondering why the financials aren't "leading the rally" will be the least of our problems. I haven't expected any help from the financials for a year now, but they can muck things up big time on the downside. Watch the level, watch the volume--because the market will follow. Bet on it.
Monday, November 17, 2008
XLF
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About Me
- upsidetrader
- I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.
2 comments:
i had a $5 target on UYG about 2 months now and it's steadily but surely gettin there. Whowoudathunkin???!!!
i remember-great call-get ready for max pain-03 lows soon
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