1. Relative Strength Analysis: HSBC has underperformed both the SPY and XLF (Financial Sector) over the last YTD, 6 and 12 month periods. 2. "Break of the Ice", now expecting a re-test of that level (49.00-50.50) level 3. Entry - no entry yet, looking for an entry in the 47.50 - 49.00 range 4. Stop - close above previous swing high at 50.08 5. Target - general 40.00 level (support levels back to 2011)