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Just as they did in early-Octobor, the financials are breaking out from a sloppy falling wedge. In keeping with the V-shaped theme of many charts out there, though, I can admire the breakout while refraining from chasing it. JPM pretty much illustrates what I am referring to in the big banks, with a gap up doji today after rallying last week. Whether it comes or not, I am saving my capital for a better setup. V-shaped bounces inevitably do one of two things: 1) They quickly fall apart down into an air pocket left from the sharp bounce, or; 2) They cool off and go sideways to firm up a bit. I am prepared for either scenario, as per the probabilities of one of them happening.
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