2 weeks of the xlf.
This is a great looking wave form. We also have the last 2 day's correction. Over all we are just playing with the march jan lows.
This is the pull back.... I'm not super Psyched about this wave form... but I can see a similar one repeating, in the uptrend....
Could see some uglyness in the morning...20.67 is support... It's also important
I look at that curve.. and it looks like everyone has earned their money.
This is what we are working on, I think...... I'm having a hard time grasping.... If the XLF trades range bound 21-24 or 22-25 or 22-26....... I'm worried about leadership... With materials getting killed, tech killed... consumer Killed....
I'm having a hard time modeling anything but sideways.
Maybe financials can trade sideways and materials can go sideways... and tech and consumer can go down.....
My goal would be to play long... but can't quite figure out where to play it.... Maybe barbell financials...
Thursday, July 24, 2008
Where was I
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3 comments:
Teresa Lo talked a little bit about changing sector focus on her podccast this evening. She said "If financials aren't working, then go somewhere else." (Since you mentioned her, I've been reading her website.)
What are your thoughts about XLP? Your thesis about consumer staples in this part of the cycle, etc. PEP looks strong.
Also, this John Murphy chart is fun to play with:
http://stockcharts.com/charts/performance/SPSectors.html
It goes along with the sector/cycle chart that you linked to before.
there is a point where "nothing will work".... that will be the bottom.(I think)
This is sort of a Preface for that.
I don't so much have an xlp thesis, except that the charts look as good as any of the sectors.
You have no idea how much I don't want to play Campbells soup...
I guess I could, just get over it.
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