Lazy Trade Long & Short: XLS & ETFC
It's shaping up to be a quiet Friday for me. One thing I'm noticing is the rabid bearishness in regional banks today due to the disappointing bank earnings. What's tough for this market today, is that for days now financials have really been the only bright spot in this market, and now it's joining tech and the rest of the sectors to the downside.
Today's lazy trades features E-Trade which is, no doubt feeling the effects of financial bearishness, as it is breaking a long-term trend-line.
The second comes from XLS which is showing signs of holding its current uptrend and a nice reward-to-risk setup.
Here's today's lazy trades.
LONG: Exelis (XLS)
SHORT: E-Trade Financial (ETFC)