Thursday, August 13, 2009

XLF pivot levels and trade strategy

XLF now has resistance around its 6-month high at $14.60 and support at around $13.65. I will be playing UYG or FAS based on these levels. If XLF breaks above $14.60 I'll buy UYG and vice versa.

Bought Citi (C) at $4.08

Citi (C) is starting to look interesting now, forming a double bottom, and then forming higher lows and higher highs. It went up on big volume on 08/05 and 08/07 and is consolidating in a narrow range since then. I went in today at around 4.08. Next resistance is around 4.45 area.