I can finally say that financials have a major bottom for 2009. XLF @ $5,90 is the bottom ! I never thought I could say that "bottom in financials" .. there I said it !
Here is some technical analysis for XLF,FAS,FAZ,SKF,UYG: Please don't buy any financial ETF tomorrow with both hands! All we need now is some backing and filling. The move up the last three days is just too fast and furious ! If you are long XLF,UYG,FAS take profits tomorrow. We need to see financials pullback from these levels stabilize for a little(weeks) and probably move much much higher afterwards. So,if you don't own financials yet, be patient and wait for better entry points!
XLF : Long Financials
SKF : Double short financials.
FAS: Triple long financials.
FAZ : Triple short financials.
UYG: Double long financials.
