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After being the laughingstock of the market since February of this year (not to mention rolling over first and cratering in 2007 through 2009), the financials are acting more constructively by the day. They have taken their time forming multi-month bases, and now look to be moving up and out of them. The big banks, along with plenty of regionals, look ripe for high probability long swing entry points. Goldman Sachs saw a strong breakout on Wednesday, and I am watching closely to see if it leads the others higher. Now, I fully recognize the argument that the financials are largely zombies facing vast headwinds, which is why it is understandable that most approach them with a “hover hand.” Frankly, that is my inclination as well.
However, I am at my best as a trader when I stick to my discipline of respecting price action, managing risk, and tuning out the noise. Looking at the charts of the following financials, I intend to do just that. If the breakouts trigger, then I will look to be a buyer. If they don’t, then I will take a pass. Either way, I will resist the “hover hand” of allowing a quality setup to pass me by because of being intimidated of the now-obvious fundamental and macroeconomic arguments against them.
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Like the 1st sentence 2nd paragraph, so true. Only price pays and screw the news…if Russia fell in a hole but the RSX went up and you were long, would you make money? GS really stood out today. Also like STT on break above these mini-highs for a good %7 run.
good eye on STT, thnx
Did you mean take a pass or make a pass?
LoL take a pass
Excellent Chess. Thanx
She wants it.
That nerd could be the next Bill Gates just needs to make the move if she gives em some permissive encouragement.
Summer Glau? Just out of the frame is a giant bodyguard waiting to pulverize the nerd should those sticky fingers make physical contact with her Hollywood perfection. Which is kind of how I feel about going long the finnies right now. Great post and image as usual, Chess.
Isn’t that the chick from terminator?
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