There were so many images that I looked at tonight that would have been an opportunity to go "down market" with this title, but the realization that a few women (and maybe my kids someday) will view this post has kept me in check (sorry Denis).The "Gap" that I am talking about is not the company (or the sexual reference in the title above), but the gap that appears on the XLF chart. The ETF finished right at resistance today with a gap evident just above today's close.
The market will want to fill this Gap. The financials are leading the way out of this mess. This is very bullish for the long run. Today looks like a good bottom might have been put in. Qqxyl on the TIE message board demonstrated that the indexes bounced today at the 50 month moving average. This is the same bounce that we saw in 1990.
Very interesting. Too early to call a bottom, but things look a lot better after today's close.
I actually have a theory. When I leave the market to play golf or go on vacation, things turn out better for my portfolio (GRMN rebounded more than 13% from where I bought it this morning).
Maybe I ought to stay on vacation.
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