By: T3Live
Scott Redler was quoted in Investor’s Business Daily yesterday recommending to buy the XLF–the financial sector ETF–against the $14 level as support. Yesterday, the index held that key support level and today it put in a higher low at $14.11 before moving higher. Here’s an excerpt from the article:
Scott Redler, chief strategic officer at T3Live.com, recommends buying XLF as it bounces off prior support at 14 for a potential move to 14.80 to 15. It faces resistance at 15, where it broke down after Goldman Sachs (GS) reported earnings, he said. Goldman accounts for 6.5% of XLF.
XLF has shed 2.71% so far this year after returning 15% last year.
