Friday, December 11, 2009

XLF - Potential H&S top

And here is one I remain short, the financials.

This is a game of emotional discipline, which I will ultimately employ regardless of what comes to pass. But I tell you, if these pigs manage to break this up and out of the bearish looking topping formation (neck line has not yet been threatened), I am going to get really aggravated.

This whole market has the feel of something coming un-stitched so slowly as to be barely noticeable. But I am going to stick to the idea that official meddling can only fool a lot of people (including bears, into capitulation) for so long. So, either the whole mess is going down for a while (or longer), or the gold sector is going to get back in gear and reassert upside leadership.