Interest rates don't matter for XLF, lol
So here we are, right back to the same price level as the last Fed rate announcement. Complete retrace of the tank for XLF, along with AMZN. In fact, retail XRT is actually higher than it was before the announcement, because apparently neither banks nor retail care about interest rates, lol. Look at HYG, corporate bonds are right back up there as well.
If the market makes any sense, this will trade between here and $22 for a while then H&S down to $19 eventually. However, nothing seems very logical in this market (look at the price action on GOOGL), for all I know, they can jack the market right back up.
My best guess is a down week next week with a possible double bottom the following week (see my SPY post). I doubt they can jack up the Dow by 800 pts again next week, so at least there's a chance that crappy stocks will go down. Let's just hope they don;t melt the market up like last January.
If the market makes any sense, this will trade between here and $22 for a while then H&S down to $19 eventually. However, nothing seems very logical in this market (look at the price action on GOOGL), for all I know, they can jack the market right back up.
My best guess is a down week next week with a possible double bottom the following week (see my SPY post). I doubt they can jack up the Dow by 800 pts again next week, so at least there's a chance that crappy stocks will go down. Let's just hope they don;t melt the market up like last January.
Comment:
Maybe it does matter.... one of few stocks that didn't move up today. This rally may be over soon if financials aren't participating.
Comment:
Nope, interest rates don't matter at all to financials, lol.
Retail is lagging a bit today but transports are up. Let's see if the computerz allow the market to melt up or if they whack it down with futures again.
Futures opened with a gap down last night, I'm expecting the gap to get filled. Small caps testing the gap first after getting hammered this morning.
Retail is lagging a bit today but transports are up. Let's see if the computerz allow the market to melt up or if they whack it down with futures again.
Futures opened with a gap down last night, I'm expecting the gap to get filled. Small caps testing the gap first after getting hammered this morning.