Retracement Levels

The financials led the market lower and now they are experiencing the strongest bounce from the lows. The XLF is at the 61.8% retracement level and at the area of prior support, now is the time to be very defensive with longs, this is where we have POTENTIAL for resistance to be found. The short term momentum is too strong to short, but but in the interest of maintaining a strong defensive position I had my Mom cancel the stop that was in place at 2830 and instead sell that part of the position at 28.80 to lock in a gain of $2.10. She is still holding 25% of the original position which was purchased at 2670.