Every sector returned to it's true colors and we actually enjoyed it as reality had to sink in sooner than later. The amazing bank run of irrational exuberance exhibited the dangers of holding this junk overnight as the sector fell almost 7%. If you look at a bunch of charts you'll see our alert note of a possible top Wednesday morning could have yielded a nice return so far no matter where you turned in the group. Unfortunately, we're not big on shorting and prefer to have patiance and wait things out, still we hope this has more leak as we've shorted a few banks for a quick flip. This may be the easiest, safest trade in a difficult market ..opportunities are minimal and/or dangerous as we close out the month. The only loop hole available is to trade what we've always preached and that is earnings winners at or near NCH's. These are the only things we'd be comfortable holding overnight in size. AXYS, ILMN noted before Wednesday's open have provided such the last two days. Simply, we/you have to be very selective in your picks now until leadership shows up in something other financials. Only other option available to find an intraday play such as EQIX, too bad though you won't find many that go up $4 in a few hours as it did.
Staying cool, calm is money in the bank, trading out of boredom is the demise of many a trader.