We broke the uptrend in the xlf... and it should be moving into the "dip buy move"
It's incredable that the thing I thought wouldn't happen the qqqq go down, and the xlf go up... happened.
And this played out as I thought, we had some euphoria, this morning? I'm suspect if it was enough. I'd also suspect that the sell off in oil was actually a "Bear Trap"... I don't think oil is going anywhere, but..... I think some people were caught under water, and the oil bears ran out of bears.
Moreover.... I was looking at the fear in the oil stocks.... I bet most of them are a buy NOV RIG.... I think defensively are a buy.
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Tuesday, September 2, 2008
dip Buy in the XLF?
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