Here’s the XLV weekly chart again. It’s closer still to the top channel line.
The daily view is kissing the SMA 200.
I sold XLV but still hold my fair haired boy, device maker Boston Scientific. This is not to say XLV has to stop here, but the target was 70 and that’s all I personally asked of it.
We have had a couple updates this morning centered around Treasury bonds and CoT data with two views of related situations offering very different outcomes. One is very bullish for the stock market, and the other quite the opposite. To me, it’s time to keep the leashes short and await the market’s upcoming decisions based on the probabilities and signals in play… and there’s a lot of ’em.
[edit] Evidently a prominent chart chart service put a buy on the sector today using the leveraged bull fund CURE. Have a blast I say. I’ve never been a momentum guy. The way I have seen it, the market had unfinished bullish business as this stuff needed to play a little catch up off the bullish patterns we ID’d previously that had not yet moved.
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