The SPDR Financial Sector ETF (NYSE: XLF) is in a holding pattern as traders parse Goldman Sachs' (NYSE: GS) earnings results and details of Washington's latest proposals.



Chart Courtesy of StockCharts.com



Earnings for banks have been fairly robust, all things considered. So XLF has held up. But there has been no rally.

The Goldman earnings report, released just before we went to press was a blockbuster on earnings, but was light on revenues. The stock was holding up fairly well in knee jerk trading. Yet, there is no telling what will happen as the details of the report get more attention.

More important is what comes out of Washington, with revival of Glass-Steagall coming to the surface in th enext few days.

XLF has support at 14.63 and resistance above 15. Trade carefully.

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