March 17, 2009 Briefing.com:
Financial sector shows the big move in this last few days. since Bank of America (BAC) said they don't need government help in term of bailout, Citigroup said that
they make profit for first two months of this year and the good thing is AIG paid debt to the bank over $100 billion.
As we take a look at the IYF (ETF for financial sector), it breaks above the resintance and attempt to make a new high for the next few days or few weeks. However, it is still below 5o days moving average (MA) even 200 days MA.
Therefore, in my opinion, we are still in bearish area and no strong evidence saying that financial sector has been recovered just because few news show the good signal but the cure of the problems still stay inside. It seems that it is bullish trend in the bearish time.
To learn more how to make consistently profit on bearish market
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