We come into a market this morning that saw futures higher earlier, but fade. Dupont’s first quarter earning dropped 55% , Caterpillar was pessimistic on their outlook and United Technologies saw first quarter profits fall 28%. Regarding the financials, {+++}things still look weak. Last night I had big problems with my charts but here is the FAZ chart that I wanted to show you.
The chart shows that FAZ is at an interesting juncture. I’ll be watching XLF like a hawk in here, but FAZ could be setting up for a nice 20-30% trade here if some fast money decides to hide out somewhere other than the financials.
By the way, I am getting many e mails the last couple of days, I will answer them all myself so bear with me, I try to do as many as I can in the evening before my eyeballs fall out. Good luck today and I’ll see you on twitter. So far so good with the new platform, and hang in because it will only get better.