24Mar1:35 pmEST

Courting the Financials; Chess Moves

In addition to top XLF component Berkshire Hathaway flashing weakness today (seen below on daily chart threatening descending triangle breakdown), large banks such as BAC C JPM are also weak.

In addition, the major credit card players are lagging the tape. 

Thus, I am taking a shot on the short side against the sector as a whole.

I went long FAZ, the triple-bearish financial sector ETF, at $11.97 with a protective stop-loss below $11.50. 

I am looking for Berkshire to imminently break lower from that triangle and the rest of the space to follow suit. 

The XLF has ha trouble holding over $24.60, the level we have been observing, just above. So, I am taking another shot that buyers will eventually throw in the towel and stop trying after using up so much buying power in recent weeks to no avail. 

Fighting the Good Fight The Last Temptation of Rotat...


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