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In spite of the eye-rolling rally on Monday, the financial sector (by far my biggest exposure in my live positions) continues to weaken. Here are the regional banks, by way of the ETF symbol KBE, which has (1) broken its key supporting trendline (2) is getting within spitting distance of completing a topping pattern, assuming it breaks under that horizontal.
This is Regional Management Corp. (symbol RM) which, over the long haul, has a tendency to form beautiful, powerful reversal patterns. Just something you might want to add to a watch list, particularly since it completed its third major rounded top of its history.
This is one of those days in which only a fool would dare offer short-sales ideas. I am that fool! Below are a quartet of personal credit companies whose patterns I find enticing…………
I’m a good dad. A loving husband. A pretty bad bass guitar player. An excellent chartist. And a lousy bull.
As I mentioned in the comments section, I took my profits on my QQQ calls and I also took my profits on my XOP and XLE puts (which, in a strange way, were “bullish” plays, since the relaxation of crude’s price was definitely associated with equities breathing a sigh of relief). To be clear, I am not at ALL aggressively positioned now, with 50% cash (a level not seen for many months). I am in “watch and wait” mode, and would respectfully suggest the level below on the financials as a prospective places to get bearish once more.
