So you think there is still some downside with the Financials? I sold my SKF (shorts the sector) today thinking much of the air has been released. Plus CNBC is all over the sector melt-down, meaning a bottom may be close.
Still too early to tell. Who knows if this is a moderate correction (that will result in a new upward trend) or the begining of a downtrend that may last for months? All I know is that the financials still have more downside to go. Although they bounce up in the upcoming days (due to over sold conditions), I still think that the bounce will be short lived and that they will head down for a bit longer. We'll have to wait and see what happens.
So you think there is still some downside with the Financials? I sold my SKF (shorts the sector) today thinking much of the air has been released. Plus CNBC is all over the sector melt-down, meaning a bottom may be close.
ReplyDelete(the former ian993)
Still too early to tell. Who knows if this is a moderate correction (that will result in a new upward trend) or the begining of a downtrend that may last for months? All I know is that the financials still have more downside to go. Although they bounce up in the upcoming days (due to over sold conditions), I still think that the bounce will be short lived and that they will head down for a bit longer. We'll have to wait and see what happens.
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