The XLF formed a bottom or a new Center Post today. In yesterdays commemts, I pointedout how the oscillators were over three standard deviations below the zero line which indicates a very oversold condition. This is when a new center post is most likely to form. The new centerpost was confirmed around 1:00 PM today. As a result I went long the XLF with the following trades.
Bought XLF @ 15.17
Bought FAS @ 16.95
Sold Short FAZ @ 16.95
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