14 October 2010

Short XLF



The XLF is hitting the $15 resistance level once again. Since descending through that level back in May, XLF has approached the $15-level seven times. As you may notice on the chart, the first six times, XLF has fallen significantly from that resistance level within two days. Will it happen a seventh time?

In late May, at the arrow marked A, XLF dropped to $14.30 in two days, giving back over %4.

In mid June, at arrow B, XLF dropped 50 cents in two days, and gave up over 11% through the remainder of the month.

In mid July, at arrow C, XLF fell 7% over the next five trading days.

Late July, at arrow D, XLF dropped a mere 50 cents in three days before hitting another peak at arrow E. XLF fell $1.80 in the first few weeks of August, a good 12% decline.

Mid September, at arrow F, XLF dropped 77 cents in two days, a bit over 5%.

Yesterday, XLF hit a high of $15-even before closing flat at $14.86. And this was on a day when the S&P was up 0.7%.

Might have to pick up some October puts for a quick one-or-two day trade...

16 comments:

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farmland investing said...

XLF is and will continue to be a great short.

buzzingstreet said...

Nice blog,
Just wondering what people think about current market situation? Are we ready for another phase of recession? How our stock market are gonna react? Lets share our view in this cool blog. What Say?

Anonymous said...

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I suspect he got an "early start" and there are numerous rapes of children under 14 in this case.
He was not an "innocent" young teenager.

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