From the WSJ's MoneyBeat:
See also Friday's "Large-by-large Put Buying in the Financial ETF (XLF)".
After a strong start to the year, financial stocks are rolling over and the charts are looking dicey for the SPDR Financial ETF (XLF), the most popular exchange traded fund tracking the sector.
The catalyst has been earnings news depicting some of the largest banks struggling to grow their earnings even as the lingering negative effects of the financial crisis fade. Falling into that camp has been J.P. Morgan JPM -3.46% Wells Fargo WFC -1.76% and, with this morning’s earnings reports Bank of America BAC -5.66%.
After hitting another 4 1/2-year high Thursday, the SPDR Financial ETF has fallen more than 2% since Friday.
As a result, the SPDR Financial ETF is edging closer to a significant technical support level...MORE
