Financial ETFs Range Bound
10/21/2009 2:52 pm EST
Both the banking sector ETF (KBE) and its financial sector counterpart (XLF) made new highs last week, but remain in broad, megaphone-shaped trading ranges. These could be continuation patterns, but the alternative, especially for XLF, is more bearish and allows for a sharp downside break. Key support levels are $21.45 for KBE and $13.90 for XLF.