Im not saying that I dont trust this guy, but blogs are easily modified after the fact.
In any event, Goldman Sachs and the rest of the financials was a very common sense call. Here is why I say that.
Let me talk in terms of the XLF. You have price taking a nose-dive in late Feb from 37.99 to 34.18. Then price comes up again and meets 38.15. Then price pulls back from there never going over the top. Soooo.... what does common sense trading tell you? It tells me that price will most probably pull back to half of the advance or may conceivably go lower. In any event, at 38.15 it was a given that price was going to pullback and it was just a matter of how much.
In the case of GS, price made a slightly higher high, but then pullback. On that pullback, again, you could at least figure it would go to half the height of the advance.
My thesis is that BSC, GS and the XLF have all made double bottoms. From here, they will probably advance to the top Bollinger Band (at least in theory).
