If you notice , late Friday banks like JPM and WFC started to catch a bid.
Part of the reason for dip buying was that XLF bounced off .618 at 32.45.
XLF is oversold on the daily but no where near as bad as XLV.
Technically we are as oversold now as we're back at October lows on the daily chart.
Unless we break 32.45 , nit a good idea to short banks ... looking for a 2-3 day bounce here
Part of the reason for dip buying was that XLF bounced off .618 at 32.45.
XLF is oversold on the daily but no where near as bad as XLV.
Technically we are as oversold now as we're back at October lows on the daily chart.
Unless we break 32.45 , nit a good idea to short banks ... looking for a 2-3 day bounce here
