XLF Update-Financials

Financials are lagging today in a pretty slow market, at least in the Dow and S&P.

 Financial momentum today vs. the S&P

 XLF is down on the day by -.38% and close to making a new low on the day. The moving average is about to be broken as well.

 Here's the XLF 10 min 3C chart with TSV 55 (a long term setting that filters out noise), both went negative around the same time.

 The 10 min weakness has bled in to the 15 min chart, which is significant. The 3C 15 min chart has been leading negative and most of that has occurred today, making financials one of the groups I'm looking at for adding shorts, I already opened a small Put in BAC when I posted it and JEF looks interesting as well. The white area is the accumulation area, notice how small it is which makes me thing that this was not used as a cycle to make money buying low and selling higher, but rather just enough accumulation to get the market moving up in which I believe a lot of financials are being sold by funds that don't want to show BAC as a holding for the new year's prospectus being BAC lost 61% on the year and has done serious damage to the likes of Paulson's flagship fund, Advantage Plus which is down nearly 50% on the year.

XLF 30 min shows the same small accumulation zone and a lot of leading negative action in3C, much of it today alone. It takes a lot to move a 30 min chart that much in a day, especially in a lower volume environment.