People will start saying "But Cramer said banks were safe", "Erin Burnett said I should buy banks", "Warren Buffet was buying banks" "Wahhh Green Shoots Wahhh"
Wednesday, June 17, 2009
XLF breakdown
XLF has been in a tight range for a while forming a triangle. Yesterday the triangle broke on XLF after it broke through its 20EMA. The measured moved on the triangle should take XLF to the low 10.20's. The key level for this move to be completed will be the 11.50. Notice at this level, the buyers outweigh the sellers. There was a strong amount of accumulation at this level, breaking through this will should start additional selling, putting pressure on the sector.
People will start saying "But Cramer said banks were safe", "Erin Burnett said I should buy banks", "Warren Buffet was buying banks" "Wahhh Green Shoots Wahhh"
Other downward pressure on the sector is the downward sloping 200MA, resistance at 12.15 and above. My out on my FAZ would be a break of the 200MA.
People will start saying "But Cramer said banks were safe", "Erin Burnett said I should buy banks", "Warren Buffet was buying banks" "Wahhh Green Shoots Wahhh"
