So much easier to like the long side with the financials behind your back

  • Posted by
  • on March 11th, 2012

 

Having conviction on the long side (which is essential when it comes to buying pull-backs) is a lot less stressful when financials act this well.   We’re above all major moving averages now on the $XLF on daily and weekly.   Note this 15 area on the XLF has been a critical area for years.    Digestion here is normal and healthy.     Our guess is that once 15 is gnawed at a bit more, we’ll lift off from that level to the next resistance level at 17.     And if we pull-back in the digestion phase, first major support comes in at 14.

 

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