Always consider hidden risks
SP500 Financials and Gold:  Only Gold Will Shine ?
​Oct 10  ( From Stockcharts  )
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The Situation

​Since the beginning of the financial crisis, the Federal Reserve has been obliged to inject tons of liquidity into the system. Financial assets like the SP500 had a very good performance indeed; the correction lately has not been enough in terms of valuation compare to risk metrics.

​​Even the main technical indicators like the Ratio of the Financials SPDR Index ( XLF ) and the Gold  compare to the SP500 are pushing valuation to the limit on a ratio basis.

That ratio  tell me that we are facing a trend lately with still very expensive Financials as you may see in the chart below...
SP500 Financials and Gold: Only Gold Will Shine ? $SPY, $SPX, $ES_F, $XLF, $GC_F