Friday, November 4, 2011

Follow the Money

Here are a few XLF charts to chew on that will be incorporated in a more lengthy note I am working on for the weekend. 

The long and short of it is the equity markets are very likely setting another trap for the bulls. The question inevitably becomes how irrationally exuberant they will extend the tape - in the face of the growing complexities now streaming out of Europe. 

Stay tuned.