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Financials are a peculiar sector, because one didn’t have to nail the March 2009 bottom in order to get a bargain. Indeed, one could have waited about two and a half years – – until October 2011 – – to get incredibly cheap prices. Since then, though, they’ve been marching ever-higher, just like everything else.
However, I noticed an interesting break in the FAS trendline (FAS being the triple-bullish leveraged ETF for financial stocks). Regardez, s’il-vous-plaît………
When HerbaLife was back in the 80s, I was dying to short it, but there wasn’t a share to be had, so I forgot the idea. I glanced at HLF today and see that it has steadily and quietly lost about 50% of its value. I personally want Ackman to win this one against Emperor Palpatine Icahn, even though I have no position. Plus, intuitively, the company strikes me as slimy.
There’s not a lot to add to what I said yesterday about SPX, other than to say that we’ve seen nothing in the interim that tells us that SPX isn’t topping out here. A break over the 2011 high would impress. Failing that the next significant move should be down. SPX daily chart: