Wednesday, April 6, 2011

Wall Street, We Have a Problem, Over (Major Financials Appear to Have Double Topped) SPY; XLF

The S&P Financials ETF (XLF) is up 11 cents at the day's high, $16.61.
A party without the financials isn't much of a party.
Here's the one-year comparison (to the S&P 500) chart from BigCharts:

The April 2010 highs were the $17.05 close on April 14, $17.06 intraday on the 15th.
Here's the recent action via Yahoo Finance:
Chart forFinancial Select Sector SPDR (XLF)

Today the ETF cleared the 50-day moving average, a definite plus but should the XLF fail to top the February 2011 highs of $17.20 intraday and $17.18 closing, I think I'm going to mosey a bit closer to the exits.