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In fear of being stoned by the bulls, the following reasons are why we just topped out on the XLF.
1) Low volume DOJI. This has been the kiss of death for the banks for over 6 months now. We've had a few DOJI in this run higher but todays is on such little volume, it screams of no participation.
2) XLF has been trailing the SPY over the past fews days instead of leading it. This happened visa-versa at the 666 bottom.
3) The current after hours selling of the banks. This is the first time we've seen selling AH instead of buying of these banks. |
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