Futures are trading lower as I type with the ES -7.25, NQ -7.5 and YM -62. Gold +9 and crude down $1.38.

Check out the IYF (financials ISHARE) which was up more than 11% on Thursday and now has a nice gap to fill.

Its also a bit over bought and stretched to the upside as it has an RSI (2) of 92 and is sitting about 22% north of its SMA 50. Pretty stretched but not nearly as far as it was stretched to the downside at the March 6 low - 32% south of the SMA 50- and an RSI (2) level of 1.

So clearly expecting a pull back from these stretched levels and curious see how the bulls respond as they have buying all the dips of late.

Bear market rally?

GM being told to prepare for bankruptcy;

Trading the odds;

More housing pain;

Audits- eh;


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