Sunday, May 31, 2009

XLF breakout ?

XLF has a been a chart I've been watching for a while now.  On Friday XLF looks to have broken out of its triangle, but this break out happened later in the day and the volume of the break out was lacking.

Putting my money where my chart is, I went long some FAS because of this break out.  I entered long at 9.78 my stop is 9.85 as of now.  The break out of FAS actually looks a little weaker and with a lot less volume.  This is why my stop is tight on this trade.