Friday, October 14, 2011

XLF to pull back some more

I think that XLF will pull back from here. I see a possible retracement to 12 and 11.83 in the next few days. This will probably coincide with SPX pullback to 1160 - 55 zone.

I know I am being redundant, but trees do not grow to the sky. We are way overdue for a 5% pullback, which is nothing out of ordinary in my opinion. SPX is up 13.8% from low on Oct 4, and XLF is up 15%. I think it is a little overdone. Let's see what happens...

Update on Oct 17 @ 8:25 pm edt
WFC and C reported. BAC (the trouble child) will report tomorrow. European leaders are still pushing hard for financial transaction tax. Trade is progressing well.

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