Financial Stocks Join the Party
11/05/2010 2:36 pm EST
The majority of the financial stocks had failed to participate in the stock market rally from the late-August lows as the Financial Select Spyder ETF (XLF) had stayed in a narrow range over the past five weeks. The convincing breakout above the resistance in the $15.10 area yesterday was impressive, and XLF has continued higher today. There is next resistance in the $16 area with further resistance at $16.65-$17.00. I expect to see a one- to two-day pullback over the next week before XLF continues to move higher.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.