XLF Hinting?

XLF has failed to keep pace with the market today, that could have to do with the Court decision regarding MERS and MERS response to banks not to foreclose in their name or it could have to do with the leak that the Fed has ordered some of the biggest financial institutions to undergo a stress test assuming 11% unemployment.

In any case, the financials are not keeping pace today.

 XLF breaking down under the wedge seen in most averages.

5 min negative 3C

10 min negative 3C

This should impact the S&P first and hardest as the S&P has about 22% exposure to financials.