Financials continue their short term bullish trend. XLF gapped up Friday above the 100dma and moved north from there on 280 million shares. Since the 5.88 low, above average volume days have been up days with one exception. I remain positive on these for now. $XBD stocks like GS and MS have already moved up significantly and may need a rest. However, Banks look like they have more room to the upside. I have three targets for XLF based on Elliott Wave. These are 12.06, 13.52, 15.88. Support should be 9.70. Below that I'd have to reconsider. If you don't want to play individual Bank stocks, consider leveraged longs like FAS or UYG.
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