BUZZ-US Financials ETF: Downside pressure mounts

(Corrects story link in 1st bullet)

** Financial Select Sector SPDR Fund retreating further from upper boundary of near year-long triangular pattern

** S&P financials worst performing S&P 500 sector YTD; now down 5 pct vs SPX 1 pct gain

** Sector shunned as prospects for near-term Fed rate hike fade, while stress mounts on global financials with major sovereign yields either at, or near, record lows

** XLF now breaking below 40-WMA; hitting near 2-month low. Chart: http://tmsnrt.rs/1UNyRMv

** Early Apr low $21.85, but ETF can threaten lower boundary of pattern, $20.00 area; would need to overwhelm $23.93 to clear upside

** Despite prospects for further underperformance vs SPX, US financials continue to trend up against global counterparts

** iShares MSCI Europe Financial ETF down 4.5 WTD, and 18 pct YTD; Deutsche Bank making new lows today

** XLF - EUFN spread, now $6.05, exceeding channel resistance line from 2010; shorter-term higher angle-of-attack channel can suggest spread widening to $9+

** XLF top holdings by pct TNA end-of-Apr include Berkshire Hathaway, JPMorgan Chase (Swiss: JPM.SW - news) , and Wells Fargo (Hanover: NWT.HA - news)

** HSBC Holdings (HKSE: 0005.HK - news) , Allianz (Hanover: ALVN.HA - news) , and Banco Santander among top EUFN holdings (Other OTC: UBGXF - news)