XLF Nearing a Peak?

Now that the Financial Select Sector SPDR (NYSE: XLF) has climbed to my optimal next upside target zone 13.80-14.00 (I took my profit late yesterday), let's notice that the price structure has climbed vertically towards the top trendline of the July bullish price channel. My near term work aruges that we should expect a peak in and around the 14.00-14.20 area in the upcoming hours, which could coincide with the rebalance of Citigroup (C) after the close this evening. C is going into the S&P 500, and supposedly The Street must buy 650 million shares to "rebalance" their index portfolios. Whether or not a lift in C into the close will drag the rest of the financials is the question. So far today, the financials are acting well- perhaps in sympathy with C. Notice that the banks that are considered to be Governement Entities, such as C, AIG, BAC act the strongest, for whatever reason. Be that as it may, the last 20 minutes of trading will be very interesting in the banking sector, and might be the catalyst that puts a peak in the XLF.    MJP 8/05/09 1140 AM ET (13.78)

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