As I trust I have made clear, the financial sector is a favorite right now for shorting. This chart of the XLF is, based on over 30 years of staring at charts, one of the most exciting and enticing opportunities I have ever laid eyes on. The analog and breakdown have, thus far, been spot-on.
As the earnings season kicks off, some of the earliest reporters are big banks like Wells Fargo and Citigroup. I was thus eager to see this morning how pre-market trading was going now that their earnings are released. It’s a step in the right direction.
