{"id":1400,"date":"2009-07-09T21:32:11","date_gmt":"2009-07-10T02:32:11","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=1400"},"modified":"2009-07-10T07:39:08","modified_gmt":"2009-07-10T12:39:08","slug":"financials-are-the-tell","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/financials-are-the-tell","title":{"rendered":"Financials Are The Tell"},"content":{"rendered":"<p>I have spent a lot of time trading the financials for the past 18 months.\u00a0 Maybe too much time \ud83d\ude42\u00a0 Yesterday,\u00a0 when many traded to key support levels I got long.\u00a0 Some broke these levels briefly so I got out and even got short some MS.\u00a0 Not such a good idea.\u00a0 Every single financial closed significantly above their support levels and have rallied strongly today.<\/p>\n<p>The market is not going to trade below 87 on the SPYs unless these financials break down.\u00a0 There was relatively little commitment to sell them at their key support levels: GS (135), WFC(22), MS(25), JPM(32), and STT(44) all seem to want to trade higher.\u00a0 As I mentioned in my last blog most of the trading world is focused on the &#8220;head and shoulders&#8221; pattern of the SPYs.\u00a0 They were just chomping at the bit for a break to the downside.\u00a0 It just didn&#8217;t happen.<\/p>\n<p>I am <a href=\"http:\/\/www.smbtraining.com\/\">mentally prepared<\/a> for each of these financials to retrace a minimum of 50% of the recent down moves and if the market responds favorably to their earnings&#8217; reports they will trade to their highs.\u00a0 The only thing that will get me to change my bias on the sector at this point is a move through key support levels on heavy volume.<\/p>\n<p>It is important to differentiate between an awful macro economic picture and the price action in the stock market.\u00a0 These two things don&#8217;t necessarily move in lock and step with one another.\u00a0 A huge part of the price action in the market is dictated by supply\/demand.\u00a0 The reality is that there is literally still trillions of dollars on the sidelines.\u00a0 Also, there are probably a lot of large\u00a0funds that need to put money to work soon in anticipation of a 2010 economic recovery.\u00a0 There may not be another huge down move in the market until it becomes clear that recovery isn&#8217;t coming till 2012&#8230;<\/p>\n<p>Don&#8217;t forget to <a href=\"http:\/\/twitter.com\/smbcapital\">follow us on Twitter!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I have spent a lot of time trading the financials for the past 18 months.\u00a0 Maybe too much time \ud83d\ude42\u00a0 Yesterday,\u00a0 when many traded to key support levels I got long.\u00a0 Some broke these levels briefly so I got out and even got short some MS.\u00a0 Not such a good idea.\u00a0 Every single financial closed significantly above their support levels &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/financials-are-the-tell\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8],"tags":[],"class_list":["post-1400","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financials Are The Tell | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/financials-are-the-tell\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financials Are The Tell | SMB Training\" \/>\n<meta property=\"og:description\" content=\"I have spent a lot of time trading the financials for the past 18 months.\u00a0 Maybe too much time \ud83d\ude42\u00a0 Yesterday,\u00a0 when many traded to key support levels I got long.\u00a0 Some broke these levels briefly so I got out and even got short some MS.\u00a0 Not such a good idea.\u00a0 Every single financial closed significantly above their support levels ... 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