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The oil stocks got folks upset last week, when on Tuesday they finally noticed the oils and high-yield were acting poorly. Monday, they noticed the beloved financials were no longer partying like they thought they should.

I am no fan of the financials and haven't been for a while. Mostly it's because there has been far too much love heaped on them with far too little price movement to the upside. I recall a few months ago when I saw a guy who always trades technology stocks say he loved the financials. I mean, that would be like me deciding to become a momentum trader, wouldn't it? You'd scoff for sure.

In any event, the Bank Index is nearing some support, as you can see on the chart, and it is down 6% from that March 1 high. I wouldn't be surprised if it bounced a little bit later this week, but it won't change my mind on the group: I am still not a fan.

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In fact, let's take a look at the Bank Index relative to the S&P, and the first thing we see is that since the peak in early December, the banks haven't done much and have basically underperformed the S&P. Is it any wonder folks are getting concerned about this group?

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Perhaps it shows how over-owned and over-loved the financials are, but I don't see anyone crying over the transports, which are now down 5% since early March and sitting on an important trend line as well. If the transports break, I expect they will find support at 9000, but breaking that line is not a sign of strength.

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And yet to go back to the chart of the S&P that we looked at yesterday. It continues to hold that uptrend line. I even heard more than one guy on television say they would not turn bearish until we broke under 2350. Y'see? I knew it! I still think a move under 2350 is what it would take to get the VIX moving.

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But the deterioration continues underneath. After all, the oversold condition has produced a giant sideways move. As noted, in the past this sort of deep oversold would have led us to a rally in the overall market of a few percentage points. Now, we rallied one day and gave it all back.

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There are still a few more days left for this Overbought/Oversold Oscillator to move up with more vitality than it has, but here we are more than a week into the oversold condition and we haven't even crossed the zero line. I call that weak. I have noted that it looks similar to the rally we saw in mid-October or even the rally from mid-December 2015, both were similarly oversold and both saw lethargic rallies that came back down.

There is one piece of good news filtering through, though. The put/call ratio pushed up to 106%, which shows that the deterioration in the market is eating away at the complacency that has been so prevalent.

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At the time of publication, Meisler had no positions in the stocks mentioned.