Regional banks (BK, IAT and others) have taken on the baton as we noted in an earlier post for another round of russian roulette sector rotation. The target of 1140 has also been met.
We still believe there will be a shakeout after tomorrow's jobs numbers or sometime next week. We expect the SPX to fall to 1100. As of this writing, we expect 1100 to hold.
Our trade will be to short on break of 1127 with a stop at 1129, if it occurs tomorrow.
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