SF - Banks And Brokers On Fire
Summary
- The Financial sector ETF (XLF) has been on fire since its intraday low of $29.59 on October 13th, which was the day of the hotter than expected September CPI report.
- From that low point on 10/13, XLF is up 20.2%. The ETF is currently at the very top end of a wide sideways range that has been in place over the last six months.
- Below is a sampling of some of the most well-known banks and brokers that are part of the Financial sector.
The Financial sector ETF ( XLF ) has been on fire since its intraday low of $29.59 on October 13th, which was the day of the hotter than expected September CPI report. From that low point on 10/13, XLF is up 20.2%. As shown below, the ETF is currently at the very top end of a wide sideways range that has been in place over the last six months.
Below is a sampling of some of the most well-known banks and brokers that are part of the Financial sector. As shown, names like Goldman Sachs ( GS ), JPMorgan ( JPM ), Jefferies ( JEF ), Raymond James ( RJF ), and Stifel ( SF ) are all more than 10% above their 50-DMAs, and the only stock that’s not overbought (>2 standard deviations above 50-DMA) is LPL Financial ( LPLA ), which traded lower on earnings yesterday.
A quick look at the six-month price charts of the stocks listed in the table above gives you a glimpse into the huge rally that this area of the market has experienced since early October.
Investors have seemingly been loading up on them with short-term Treasury yields now significantly higher than the interest rates these banks and brokers are paying customers on deposits.
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
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Banks And Brokers On Fire