Financials Catch a Bid - Mid-Day Minute for Thu August 13th 2009

Aug 13

Financials Catch a Bid

by Mike Paulenoff, Thu August 13th, 2009

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Thanks to publicity of the Paulson & Co., 13F filing, which shows a substantially long position in Bank of America (NYSE: BAC) and Goldman Sachs (NYSE: GS), the Financial Sector Sector ETF (NYSE: XLF) has caught a bid here this morning, which extends its upmove off of yesterday’s pullback low at 13.70. From a larger near-term perspective, as long as the 13.70 pivot low contains any forthcoming weakness, I will view the XLF as having started a new upleg that should test the prior high at 14.60 on the way to 15.00-15.30 thereafter.

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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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