JC recently published a piece highlighting the action in the Financials space:
Today we’re looking at Financials pushing up against their historic 2007 highs for the 3rd time.
The way I learned it was that the more times a level is tested the higher the likelihood that it breaks through. I don’t know if this is going to be it, or if it will take a 4th or a 5th test. But I do think there is a blog post coming soon where we’re looking at Financials at all-time price highs.
Meanwhile, on a total return basis, Financials are already making new all-time highs this week.
Looking at these charts, it is hard not to be enthusiastic about the potential for a major breakout in this sector: [Read more…]