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Financials dragging market down

Has anyone noticed that the Financial Select Sector SPDR Fund (XLF) closed at $34.37 today, its lowest close since late September 2006?

We are now seeing the biggest divergence between XLF and the Dow Jones Industrial Average in four years (see chart below). Can the markets advance when the largest weighted segment, Financials, is lagging so badly?

XLF and Dow Jones Industrials
[ Click chart to view larger image ]

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