Financials Stocks Catch a Bid

By: Mike_Paulenoff

Thanks to publicity of the Paulson & Co., 13F filing, which shows a substantially long position in Bank of America (NYSE: BAC) and Goldman Sachs (NYSE: GS), the Financial Sector Sector ETF (NYSE: XLF) has caught a bid here this morning, which extends its upmove off of yesterday’s pullback low at 13.70. 

From a larger near-term perspective, as long as the 13.70 pivot low contains any forthcoming weakness, I will view the XLF as having started a new upleg that should test the prior high at 14.60 on the way to 15.00-15.30 thereafter.

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By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of

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