AMEX:XLF   SELECT SECTOR SPDR TRUST AMEX FINANCIAL SELECT INDEX USD DIS
$XLF At an Important area for the Banking sector, US and Global Economy. Both on a fundamental and technical basis.

I don't want this post to be viewed as fear mongering or doom and gloom. On a fundamental point of view, loans dropping off can easily be explained by people waiting to see what happens next and thus postponed borrowing to a later date.

On a technical level, wave 5 or B are only known after the fact. Price could easily grind higher from here, which would push both 5 and B along with it. Meaning 5 and B can only occur at the highest point, which we don't know if this is a key reversal area or not. Again we will only know that after the fact. But it is important to be aware that this could possibly be the top. At any rate, I would not have any exposure to banking at this point. There are a lot better places to put your money to work.

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