XLF Chart Analysis

From an email I received earlier today:

"Jax,

Have you made any moves today? Some of your favorites are at all time lows and extremely undervalued. What have you bought today?"

My best response to this can best be answered by looking at a chart of the XLF. Please click the chart below to read my comments.



There will come a time to get aggressive and start putting our hard earned capital to work for us. We are just not there yet. Oil is free falling. Financials have broken support and as I type the Nasdaq is on the verge of breaking October lows. This is panic, but rather mild in comparison to what it will take to bring a real bottom to this market. We might see it in the coming days if the S&P also takes out October lows. But for now remain patient, allow the "mud" to settle and "the water" to become clear. Remain unmoving til the right action arises by itself.

When this happens we will be ready and waiting to fully capitalize.

JAX