What can I say, there's no other way to say it? The downward channel that I pointed out about a week and half ago for Energy ETF XLE hasn't budged and Energy and energy stocks are all beginning to look quite weak. I would have expected that if it really was a bull flag that was forming that we would have seen a breakout by now. Instead it seems to be consolidating which is appropriate given the jobs report on Friday and a disappointing crude oil drawn-down on Thursday. But the EMA's are still pinching and seem mere days away from finally crossing over. Furthermore, looking at the momentum indicators for XLE and we can so a long slow steady decline while XLE has been climbing higher. Next week we could begin to witness a transition to slow-and-steady retracement.