I did some TA on the financials with XLF a few days ago. This turned out to be the right read as far as the further breakdown coming. My timing was a a couple days off because I was holding that trade as if the VIX was still over 50. I think this move will probably get a retest of some support if not turn into a short-term major top.
Worst Case For Bulls
That's a possible double top with a failed signal forming if this move prints 13.50. No reason to get ahead though but I am just keeping an eye on that if it happens. I think this down-slide the past couple days might have caught some people off guard after that rebound three days ago...or maybe they're just getting in the Nasdaq leaders.
full disclosure:no position
