Financials: Near March Low
June 9, 2008 11:12 PM
XLF made a March 17th low of $23.52. If you want to make a risk/reward trade, buy the sector on a flat/lower open right here. If the low clears, exiting is probably in order. i do not put 100% stock in ETF lows as the index could be different. But financials have to hold this area and should atempt to, at least for a bounce.
Does this mean I believe we are done with problems in financials? NOOOOOO. I have warned for months and months that this will get far worse, and there are billions of bad debts “hiding” on balance sheets that companies refuse to live up to. This is a risk/reward TRADE, nothing more.
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