Financials Break Out - Mid-Day Minute for Thu May 1st 2008

May 01

Financials Break Out

by Mike Paulenoff, Thu May 1st, 2008

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Financials Break Out
By Mike Paulenoff, www.MPTrader.com

This morning the Financial Select SPDR (AMEX: XLF) broke out of a 6-week bullish coil pattern that represents the digestion period after the initial upmove from the 3/17 low at 22.1 to the 3/24 high at 27.37 (+23%). With today's surge out of the coil, the XLF has started a new upleg that should propel the financial index towards a test of resistance at 27.80-28.00 next, on the way to an optimal target zone of 29.50. Only a break below 26.40 will wreck the developing upside follow-through from the March low.

Chart

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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