Yesterday's 2:30 XLF Calls,
Trade Idea: (Short Term) XLF / FAS are already up about 14% from yesterday's entry...
XLF 1 min positive and yesterday's 2:30 XLF call entry.
The 2 min chart looks great right where it should, at a "W" or small double base bottom with a slight head fake/stop run yesterday.
XLF 3 min
What I really like is the cleaner trends like this 15 min, you don't see many divergences like this that don't bounce.
Even out to 30 min there's a leading positive divergence, that usually doesn't get thrown together in a couple of days.
I still suspect a shorter duration bounce, but we are very oversold (not according to indicators, but market breadth), but that doesn't mean it can't be an intense move which is what I suspect, another pellet for the Pavlovian "Buy the Dippers" .
However don't be deceived in to buying too much in to any move no matter how impressive it may be...
I'd like to see XLF break above the recent range and I'm hoping that's what we get so I can re-enter my FAZ long, this 4 hour chart is making it very clear, especially the last couple of months, that the chickens are coming home to roost.
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