It’s quite a good day – – one thing helping is that the entire financial sector is re-weakening. Just take a look at the broker/dealer index. It has been stumbling and fumbling all year long, and a clean break of that horizontal would really get this party started.
Another angle on this is the financial sector ETF, which last week has a boisterous breakout. Thanks to today’s action, that breakout has proved itself to be an utter failure. A fraud. A fake. A ruse. And it’s dead.