Well, that accelerated quickly. I was briefing some amazing peeps last night on Stock Market Media and was fully expecting a rally into, at least, a .382. Scratch that …
Perhaps the ‘set wave’ that I was discussing last night is upon us?
What’s important, now, is the 1×1 trendline from the all time low …to keep the bull rollling I would expect it to hold as support … a weekly close below, we could be looking at a 30% correction. Why 30%? That’s what all the others one have been of late …
Something else to watch, YEN and the banks. When the YEN has strengthened (from a relative strength perspective) against the XLF we have hit stiff resistance. Note, the ratio is JUST starting to turn up so … keep an eye out for this ratio.
Note – doesn’t look like the XLF is going to make that upper target anytime soon, at least on this run.
No kidding, I’m going to grab a surf … a LOT of rain for SoCal inbound …
