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Author Message  corbo Member Username: corbo Post Number: 19 Registered: 01-2003 Rating: N/A Votes: 0 Friday, January 31, 2003 - 04:27 pm:     Hi all, Just thought I would put this chart up for discussion. The whole financials segment is at the crossroads. We had a double bottom put in yesterday and a bounce off that today (a positive sign!). Also the indicators show it may be about to turn. However, the chart pattern (Descending Triangle) normally foreshadows a decline. One to watch - if it can break through the topside of this resistance line, longs are definitely in order. Otherwise, we may have an unprecedented short opportunity on the financials as they are sold down to valuation levels unseen since 1991. Regards,  shaguar Member Username: shaguar Post Number: 106 Registered: 10-2002 Rating: N/A Votes: 0 Friday, January 31, 2003 - 09:44 pm:     Hi corbo, My view on Financial Sector is pretty much same as you. After the top formed last June, XFJ is basically moving under a downward channel. It's now very close to major support 3760, today it's slightly touch the support but failed to close below. If XFJ close below that point next week, I would suggest that a channel target of 3500 is possible. Interestingly, MACD is also formed a smaller channel with range of 0.2 to -0.7 last 3 months and a bigger channel of 0.2 and -2 last 6 months. If MACD dose break the smaller channel, than it's will be very bearish, MACD may test -2 level. I am not offering crystal ball forecast, I just suggesting a possibility that might be. Welcome for comments. Cheers. (Message edited by shaguar on January 31, 2003)  johnlbe Member Username: johnlbe Post Number: 29 Registered: 10-2002 Rating: N/A Votes: 0 Sunday, February 09, 2003 - 09:54 am:     At last an opportunity to make money from the banks----sell em short.

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