Financials: Held Important Low
August 20, 2008 7:09 PM
After the close of 08/07 I said I expected a reversal attempt on ”further weakness” and it skyrocketed. I had also mentioned that I expected XLF to hold $19.25. Today it tried it again and got to a low of $19.61 before reversing. I still believe that number is key for the group. It is the only low I like for the sector (no, I do not like the July 15th low the same as i do not like the same low for the SP). I believe we will ultimately revisit both issues, I just do not know when. Theoretically, the July 15th low is NOT the low on the SP. Period. Anything is always possible, but I will believe it when I see it and it has not been proven correct, as of yet.
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