Tuesday, February 1, 2011

Chartology: Financial Stocks Are at a Decision Point (BAC; C; JPM; GS; WFC; XLF)


From Phil's Stock World, a quick chart snapshot.

The ETF closed at $16.40 yesterday and is showing some strength pre-market. It is very difficult to have a market rally without these guys at least being on board if not leading.

The S&P and DJIA futures are indicating higher, 'Buy the Dip' will work until it doesn't.

When the music stops try to grab a chair, this is a dangerous little game we're all playing.