click on the chart for a bigger picture.
Tuesday, August 11, 2009
The XLF is an ETF that tracks the major banks(BAC, C, WFC, etc) and brokers(GS, JPM, MS etc.). The XLF's low in March was at the Yearly S1 pivot(purple line marked S1), as seen on the chart above(blue circle). The XLF came close to the Yearly P(yellow line marked P) today and sold off. This is a text book pivot play from S1 to P. The 5 month bank rally could be in trouble.
Posted by Jeff York at 3:56 PM