The financials took out the June lows today right before rebounding to finish the day near it’s highs. Now I’m not about to pound the table and say the market cannot rebound without this sector coming to life, but it does make it difficult to overcome the negative tailwinds when you’re financial sector appears to be in such disarray.
Right now the strongest sectors are integrated oil/gas stocks, gold, and silver and until some other traditional sectors that have shown the ability to lead the market higher start to spring to life I’ll remain short.
No trades today and if the market rallies tomorrow I’ll likely add to my shorts. Am I the only one bearish here?
When I slapped the “next target” label on there I don’t expect the market to bounce there or anything if/when it reaches that level….I just think that’s the next logical step in this stair-step decline down.
