For you brave souls out there, Goldman Sachs has completed a TD Sequential buy.
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To add to “GS” idea - most of financials have completed week 9 of TDSetup Buy ( some - week 8), XLF, UYG - TDSetup weekly, SKF for some reason is lagging showing week 8 of TDSetup sell, which I can explain by hesitation of people “in the know” to continue to build SKF position or just getting out last few weeks.
I think XLF will see good pop next week - it’d better - I am betting 30% of my account on XLF Aug/Sep NTM calls, and 10% on QQQQ calls. RKH looks even better, but has no liquidity in options.
Also, worth noting that closely watched FRE/FNM tandem - opened 40-50% off yesterday’s close and managed to regain most of the losses on huge volume.
Also, “last man standing” - insurance cos/ with big investment departments gave up today - HIG.
Given wild swings of this week ^VIX pop to 30 and ^VXO to 34 might be sufficient for a bounce .
Last, but not least most financial related options did not quite followed underling to the downside in the morning, of course firstly due to IV spike, but it would not explain that kind of steady hold 100%
Good luck next week
Looks like we got that VIX pop above 30 today. I wouldn’t touch FRE/FNM with a ten foot pole though.
Good luck.
Well, just like you said: “No guts no glory”
Hope you did good with GS/financials in general
Yeah, now comes the hard part…knowing when to dump them. I suspect we have a bigger bounce coming than most people think. It should be interesting and nerve wracking to see how the market reacts to Merrill.