Financials Not Leading
12/03/2009 9:56 am EST
The financial sector ETF (XLF) and its banking sector counterpart (KBE) both peaked in October. The break in the RS trend line confirmed that KBE was no longer outperforming the S&P 500. A normal correction would take KBE to the 38%-50% retracement support in the $17-$18.70 area. These sectors may lead the market lower and should be closely monitored.