Wednesday, July 8, 2009

XLF --- A Buy signal under $11.00?

Given the significant down force on the markets this week, and most importantly the pressure on the financial stocks, XLF (Financials Spider share) appears to be a good way of hedging our bets at $11 or below. It's a basket of financials and as such will represent the entire industry rather than one specific bank.

Charting analysis shows XLF as oversold at this time and down from the $12+ levels. Looking for a swing back up to these levels in the next 30-90 days especially if we get some better than expected results from a few banks. Possible down side to the $10 range if we have some worst than expected news.

Face
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