Saturday, March 22, 2008

Financial Sector Update for 03.22.2008

SELECT SECTOR SPDR FINANCIAL SECTOR ETF- XLF

Monthly chart shows short term bottom in place off the January low.

Weekly chart shows short term bottom in place. Last week's trading activity produced a huge bullish engulfing candle, totally retracing the losses of the prior two weeks.

Daily chart shows 5 waves down into new low early this week. The bears gapped down the price in their haste to exit their positions. Early bulls quickly entered and took price higher to close the week.

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