haug01
Short

The financial sector is forming a a descending triangle.

AMEX:XLF   SELECT SECTOR SPDR TRUST AMEX FINANCIAL SELECT INDEX USD DIS
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This is usually a bearish pattern . The big trade is to wait for a breakout to either side. A short position can be opened here with a stop loss above the descending line. I will open a long position in FAZ (3x Financial Bear) at the market open this AM.
Comment: Europe banks are strong and US banks are strong in premarket. I expect the stop loss will be hit. Will watch for resistance approaching 25.3.
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