rjchilia123

Weekly bear flag playing out on banks

Short
AMEX:XLF   SPDR Select Sector Fund - Financial
both tech stocks and spx are going sideways but xlf is in a strong downtrend. I am personally long faz, the banks have the most downside fundamentally. They loaned money at cheap interest rates below inflation to a bunch of over leveraged broke Americans. We will have to wait to see just how bad default rates get with highest unemployment ever. I expect the default rates to break records. These guys are gonna need another bailout.
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