SELL SELL SELL The Financials
Don't be foolish, today is a gift that will not last. You had China Slash Reserves Requirements, then central banks around the world made a coordinated move to address pressures in global money markets and lastly you had ADP come in better than expected. The first two positive events are only a band aid. The market ripped past our 1214 to 1224 level. I think we can get to the 1261 level, this rally can certainly get us there by the end of the week. Take 25% to 40% of your risk off the table, especially in the financials. See below for the levels we are looking at in widely head financial names.
Also for our readers, we took our 3% gain today in GLD.
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