Financially My Dear I Don't Give a XLF
January 05, 2010
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RELATED TICKERS: XLF
LOL! Holy Bad Puns Batman! Even I admit that was too far of a twist on the classic quote. But bad puns are about the only thing rattling around in binv's brain, so cut me some slack! :)
On Dec 20, I wrote this post: Do You Smell Something?
I stand by all of the big picture rhetoric that I was spewing:
I am very vocally bearish on financials for the long term. I think they are the cancer of the US economy. Monetary policy over the last 20 years have allowed for, encouraged in fact, the economy to become financially top heavy. I could go on a rant (and have many times in the past regarding financials) but I will not. I am very long term bearish, and I will leave it at that for the moment.
Here is my P2 count for financials. I think P2 is done for the sector. There is a possibility that the action the last 2 months was an X wave and now working on Z of P2. If this is the case, then I don't think it will make substantially higher highs. In fact I would expect it to make what amounts to a double top.
But I also added this tidbit and this chart:
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