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A comment cleaner while I have a moment………..the ol’ “Tim travels internationally, so the market falls” rule seems to be working like a charm. I’d also like to emphasize how financials, a crucial component of this more-fragile-than-people-think market, is ready to turn lower.
As economic data continues to worsen, and the jobs situation has clearly moved past the point of peak prosperity, equities are – – naturally – – roaring higher, as they have all week long. We’re up about 1500 points on the Dow from the bottom just a few days ago. In the midst of this, I’d like to suggest you keep a close eye on the banks, as they’re not buyin’ it.
Earlier today, I sold the entirety of my XLF puts, in spite of the fact they don’t expire until January 2020. I’d like to get in again at a good price. But I felt it was an opportune time to scoot, based on the trendline support.
It was with some concern a few days ago I expressed in a post to my Gold and Diamond members that the financials were breaking to the upside. The failure of the XLF is/was an important part of the prospect for any downtrend in equities. As of this writing, this breakout remains in place, but XLF demands close and constant observation.
