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FINANCIAL SECTOR LEAD BEAR FOR THE MARKET

AMEX:XLF   SPDR Select Sector Fund - Financial
TICKER: $XLF

Financial sector is the clear lead bears for the market. We rejected hard at 31.10ish level and broke key support level of 30.46. In my opinion, this is the reason why $SPY pulled back hard.

We had huge bear volume on Friday and if we break the low of Friday (30.20), look for a continue dump to fill the gap under 30.13.

Can the bears dethrone the bulls in the short term?

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