Although financials reversed into the close along with the S&P 500, our position in the Direxion Financial Bull 3x ($FAS) from a Nov. 14 entry at 78.70 remains in good shape. Like the S&P 500, a short-term pullback should find support at the rising 10-day MA. The 20-day EMA is sitting at 85.76, which means that its already above the highs of the last base at 80.58. It’s a bullish sign whenever a major moving average climbs above our entry point in a trade, as there is more support to defend our entry, which in turn allows us to be more patient with the action.

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