Uninspiring Financials

Here is today's daily chart for the IYF, which is the Ishares financial ETF:

Suffice it to say that they were hit hard in late February, and never really rallied back to the February highs during March/April. It looks as if they might make another run up into resistance, but if that effort fails, look out. Path of least resistance: down, and possibly down hard.

If the financials go, can the rest of the market be far behind?

That's why I have a lot of cash on hand, which I plan to use to defend my long term positions when necessary...N.B. I didn't say "if"...