Forex | Forex | XLF at a Crossroads (01/07/2009 05:28:37)

XLF at a Crossroads

From a technical perspective, my eyes are focused on the Financial Select Sector SPDR (NYSE: XLF), which we notice is attempting to hurdle both the sharply declining 200 DMA (11.95) and key resistance between 12.35 and 12.70. If prices manage to break above the 12.35/70 resistance zone, then we should expect upside acceleration towards 14.00/50 thereafter. In that 40% of the XLF is compromised of JPM (12.2%), WFC (10.32%), BAC (9.64%) and GS (6.79%) and in that all of the aforementioned stocks


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