The financials as measured by the popular XLF etf has been a distinct underperformer relative to the broader market as well as the more defensive sectors over the past two months.  Instead of delving into a flurry of reasons for this let me just point out a point of reference hat that we are looking at.

The XLF has important support around $15.70.  Should that level break on a daily closing basis I would turn more cautious on the sector and possibly even short for a trade.  

But most of all we are using that level as a mental note to increase caution should it get meaningfully break.

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