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On the other hand, the following chart of all historical information on XLF back to 1999 shows a more bearish graph, with lows reached at 20 in early 2000, about 19 at the end of 2002 and now about 17.5 mid-2008. It could go either way, from the look of the chart, in my view. Let the Buyer beware! It could make a long slow, up move from here, at least for awhile. Or does this look like the chart of a bubble? Maybe not that large a bubble! Let's think financials, along with everything else, turn around from here. Surely, by now, software has replaced much of the human element of the market. For the most part, that is for the better, I would say. Pity the ETF chart doesn't go back further.