Strong XLF Leads SPY Higher

As we got near 9:45 the SPY was pushing to its lows while the XLF stayed stubbornly near its highs. As selling in the SPY started letting up, the XLF continued moving forward providing a nice point to get long the SPY. Like I've said before, the financials control the market and spotting divergences between their performance and SPY performance is a good indicator of shorter term and longer term market direction. Sure enough as I began looking at this action, the SPY started firming up and has since rallied over a dollar.