The Financial SPDR (AMEX: XLF) is in danger of making new lows, suggesting that the market is still not comfortable with the financial sector's potential for recovery.

The subprime mortgage crisis has turned into a full blown liquidity and confidence crisis, and the charts suggest that it's far from over.

Despite the overall stock market's recent attempt to make a bottom, the financial sector is far from being in such shape.

XLF is down some 36% from its 2007 highs, and could move even lower, once earnings reports, and the usual deluge of bad news continues to hit the news wires.

If XLF breaks decisively below 24, it would signal that the market has little confidence in the financial sector. That may mean a new move toward lower lows, and more trouble for the overall stock market.

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He is the author of four books: "Futures And Options For Dummies," "Successful Energy Sector Investing," "Successful Biotech Investing" and co-author of "After-Hours Trading Made Easy."

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