A big deal is being made in the social media front about the $XLF “breaking out” technically today as if that is suppose to mean something. ETF’S are for the most part mean reverting vehicles, in which I’m more incline to buy them once they pull back and look “ugly”, not when they breakout after being up 4 days in a row or up 9 out of the last 10 days like the $XLF currently. The context of the breakout is more important than the actual breakout. The $XLF is up over 5% in the last 10 days and this has been the most dominant pattern over the next 5 days since 2009 when the XLF is up 5% in 10 days;
Via @MarketMemory
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