EARLY NOTE ON FINANCIALS

The REGIONALS (KRE) already acting like the Mets. The biggies (XLF) and you know the names have been sitting with a small bias to the downside. In recent weeks, they teased the downside but eventually held. Most of these names pretty much have done nothing since last December after the initial “TRUMP” move.

Just letting you know that the XLF is again teasing a downside break. When you have a chance, take a gander at JPM, BAC, C, MS, BK and you will see toppy action. A few just breaking below the 50 day. These have been some of the stronger names. And there are weaker names like GS…which looks horrid. And of course, WFC is DOA as it has its own set of problems. 200 day average at around $24 for XLF. To be watched. Not usually thrilling when financials are gagging.

On the KRE, much worse. trading below all moving averages with huge support at about $51.