This Festering Weakness

The S&P 500 is down a mere 1% from last Friday's close, and yet it feels much worse than that. If you're wondering why that is, take another look at all those statistics showing fewer stocks at new highs, which I've been harping about for a while now. In short, this is finally starting to matter.

Let's take everyone's favorite group, the financials. In February I highlighted noted a measured target of $18 to $19 in the Financial Select Sector SPDR (XLF), and the fund reached just shy of $18.50 last week on the stress-test results. While the XLF does seem to be rolling over, it really hasn't done a thing wrong yet. It hasn't made a lower low, and it hasn't broken the uptrend line....408 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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