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

"Sell down to your sleeping point"

Sunday, October 4, 2009

Sectors

Sectors, Let's have a looksee!
Retail-
Consumer Discretionary
XLE- Uck
XLB materials, let me point out that a correction is obvious here, but if you are playing EWT The July through Sept move does not look very "Wave 3", and you can see the same thing in most the charts. If your thesis is that this is wave 4 of wave 3, it's hard to see it, and still its doubtful that it would extend to the size of a "solid" wave 3.
Health Care, certainly it could use a correction, With all the boomers retiring, it seems obvious there is a long term positive for health care.
Regional banks, that is about the weakest chart I've seen.
Well this looks like a real correction in the XLF(above), I'd also like to point out that the rebound on Friday out of the banks was strong, I'd suggest the shorts are leaning hard into the banks, so the rebounds are vicious. Below consumer staples. Hardly any correction, it is a bit of a flight to safety.


Pharma
The new offering by Umbrella Corp!!
Cure for the T-Virus, a potential Blockbuster!!!
-Says Mike Huckman!

Summary.... It seems easy to buy right now. Which seems like a bad time to buy it. Many of the sectors aren't even to reasonable support levels, many of the Un-Hot Sectors have hardly corrected

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