It is very early in the day and only a couple of hours after the news that Mr. Buffet picked up a ton of BAC stock, yet I have to admit, from a “Power of the Pattern” perspective, the action of XLF and the broad market is not very impressive!

The broad market needs the Financials to get in gear and move higher and so far Uncle Fibonacci and channel resistance seems to be having a large influence on XLF in the chart above.

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past