Phantasmix Stock Market Blog

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BKX Bank Index

Former support level at $25+ is now resistance. Note, there’s no open gap in BKX.

XLF

XLF has an open gap that may get filled partially; again, support became resistance. XLF is oversold based on all metrics, but financials need a catalyst to punch through these new resistance levels.

Position updates: still short (FAS: 75.82 -2.21%) with a more aggressive hedge via short (FAZ: 28.3629 +2.25%).

I’m short (FAS: 75.82 -2.21%) - triple financials ETF (from $17+ – left that trade running while away). Trying to see where financials will go next.

As a small hedge, I’m also short (FAZ: 28.3629 +2.25%). My FAS-to-FAZ ratio is 4:1.

Triple ETF erosion is a beautiful thing, by the way.

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BKX – Bank Index (daily chart)

XLF – Financials Select SPDR (daily chart)

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