![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4YZHh8jutIUYk-N3tEvAQJJgx4QN_tH87mq8B7Z8SvSIcQsL037UcaRVESTQuU3vydEDPI9y0oJY_q5824T9ueG51ZIMkmD4lE9wUEgcbDniZ0dYhUlzwCgc13uDI55g8co3jCA/s400/BKX061709.gif)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipeW-o04o1SYeC4glsMno0ezZPYIybq3vhWdM3mvLJ_ST-jym8fCccy7pvcbeNwdeznB4KSJ1Tu_7Ac2hXsvchyYCPyiiNXepYLMnZ9sYEjc6TvF_4NfZa0ke5srituAqldHc7Lw/s400/XHB061709.gif)
Two of the sectors that failed to make highs along with the major indexes in June are now trading below their May highs: banks ($BKX, top chart) and homebuilders (XHB, bottom chart). It is difficult to imagine a sustained, vigorous bull market when the financial system and housing are not inspiring investor confidence.
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