- XLF has printed 6 white candles in a row.
- It's up almost 15% in that time.
- It's been 3SD up for 4 days.
- It's now 3SD up on the weekly chart.
- And on triple or quadruple normal volume too.
- But the large US financials are worthless shit companies. I mean, you laugh at Deutsche, but do you really think Citi and BoA are any less incompetently managed? You really think repealing Dodd-Frank will improve their long-run performance?
I have no short banking play unless I buy US ETFs, which as a rule I don't do because of the currency exposure.
But I look at the above and think "Well, at some point the big Trump inrush to financials ends, and maybe the outrush from big tech doesn't, and we get a downward move in S&P 500 as the market starts equilibrating all these changes in pressure".
And in any case, the big upmove in financials certainly makes it look like the global kleptocratic elite is happy to have Donald Trump in power, eh?