Having conviction on the long side (which is essential when it comes to buying pull-backs) is a lot less stressful when financials act this well. We’re above all major moving averages now on the $XLF on daily and weekly. Note this 15 area on the XLF has been a critical area for years. Digestion here is normal and healthy. Our guess is that once 15 is gnawed at a bit more, we’ll lift off from that level to the next resistance level at 17. And if we pull-back in the digestion phase, first major support comes in at 14.
FRBNY Prez William Dudley on QE, Mandates
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