An overview of the financial sector via XLF & several of the leading banks & financial institutions and where they are likely headed in the coming months. Discussing in the following order are: HSBC, XLF, BRK.B, JPM, WFC, BAC & C.
With the addition of the WFC short entry today, there are now three Active Short Trades in the financial sector: FAS/XLF, BRK.b & WFC. This market has been unusually difficult to trade lately, both on the long & short side, due to both the recent very choppy price action as well as the fact that [...]
XLF (Financial Sector ETF) along with nearly all of the largest institutions in the financial sector have recently broken below either intermediate and/or long-term trendlines & look poised for additional downside in the coming weeks/months. note: A link to the live, annotated version of this XLF daily chart is available under the Live Charts page. [...]
BAC will trigger a short entry for aggressive traders on a break below the S1 support zone shown here on the daily chart. Price may find some support on the yellow (lower) uptrend line. However, a end of week close below the uptrend line on the weekly chart will trigger a swing short entry for [...]
I've spent some time in updating both the Trade Setups category as well as the Active Trades category. Trade Setups are trade ideas that are either currently offering an objective entry, such as an active long trade that has pulled back to support, for example. Stocks or ETF's that are setting up in a bullish [...]
The BAC short trade currently has only one price target at this time, T1 at 10.05, although additional target(s) may be added if this trade begins to pan out. Suggested stop over 13.70.
Regardless of the relentless bid under the market lately, the Too Big To Fail banks still look bearish from a technical perspective at this point. Although the current divergences and bearish price patterns can & will be negated should prices go much higher, at this time these key financial stocks have not yet reached that [...]