Are Banking ETFs Entering Overbought Territory?
Citi’s (C) massive run up this week has come to a screeching halt but will that derail the bank comeback that has led this market to new highs for the year? That’s the billion dollar question especially now that banks are the best performing sector of the S&P. Is the sector overbought? Or is there still time to hop on this trade?” Lee Brodie Reports From CNBC.
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Top 5 S&P Sectors, 1 Month
Financials: 12%
Cons. Disc.: 10%
Industrials: 9%
Materials: 7%
Tech: 7%
Brodie goes on to report, “Instant Insights with the Fast Money traders. For the past 7 months the Bank ETF (XLF) has been stuck in a range between $14 and $15.50, explains Bill Strazzulo of Bell Curve . If the XLF can break above $15.50, patterns in the chart suggest it could go to $16.75, he says. But if it can’t on the downside it could slide all the way down to $11.50. If you want to play the space, I think the play is long large cap banks, says Steve Grasso of Stuart Frankel. They have excess capital and they’ve paid back the TARP. You can’t say that about the regional banks.
“I agree, echoes Patty Edwards of Storehouse. There’s a lot of deal chatter about big banks looking to take out a regional banks, she says, but don’t do fools work. What are the odds you get that right? I’m a value investor and I think it’s much smarter to get long JPMorgan (JPM) or Goldman (GS). I’m seeing put buying in financials and huge put buying in Citi, says Scott Nations, but I don’t think it’s bearish as much as it’s investors protecting their long positions, ” Brodie Reports.
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Here are some more details on the Financial Select Sector SPDR ETF (XLF) including all it’s holdings.
The investment (XLF) includes companies from the following industries: banks, diversified financials, insurance and real estate. The fund will normally invest at least 95% of its total assets in common stocks that comprise the relevant Select Sector Index. This fund has adopted a policy that requires it to provide shareholders with at least 60 days notice prior to any significant material change in its policy or its underlying index. It is nondiversified.
Financial Select Sector SPDR ETF (XLF) Components and weightings
| Name | Symbol | Index Weight | |
| 1 | JPMorgan Chase & Co. | (JPM) | 11.65% |
| 2 | Bank of America Corp. | (BAC) | 11.04% |
| 3 | Wells Fargo & Co. | (WFC) | 9.76% |
| 4 | Goldman Sachs Group Inc. | (GS) | 5.93% |
| 5 | Citigroup Inc. | (C) | 4.63% |
| 6 | American Express Co. | (AXP) | 3.30% |
| 7 | U.S. Bancorp | (USB) | 3.06% |
| 8 | MORGAN STANLEY | (MS) | 2.90% |
| 9 | Bank of New York Mellon Corp. | (BK) | 2.35% |
| 10 | MetLife Inc. | (MET) | 2.07% |
| 11 | Travelers Cos. Inc. | (TRV) | 1.76% |
| 12 | PNC Financial Services Group Inc. | (PNC) | 1.74% |
| 13 | Prudential Financial Inc. | (PRU) | 1.65% |
| 14 | CME Group Inc. Cl A | (CME) | 1.54% |
| 15 | AFLAC Inc. | (AFL) | 1.53% |
| 16 | State Street Corp. | (STT) | 1.49% |
| 17 | Simon Property Group Inc. | (SPG) | 1.45% |
| 18 | Capital One Financial Corp. | (COF) | 1.26% |
| 19 | BB&T Corp. | (BBT) | 1.24% |
| 20 | Charles Schwab Corp. | (SCHW) | 1.21% |
| 21 | Allstate Corp. | (ALL) | 1.11% |
| 22 | Chubb Corp. | (CB) | 1.10% |
| 23 | Franklin Resources Inc. | (BEN) | 1.07% |
| 24 | T. Rowe Price Group Inc. | (TROW) | 0.92% |
| 25 | Loews Corp. | (L) | 0.91% |
| 26 | Northern Trust Corp. | (NTRS) | 0.84% |
| 27 | Progressive Corp. | (PGR) | 0.79% |
| 28 | Marsh & McLennan Cos. | (MMC) | 0.77% |
| 29 | SunTrust Banks Inc. | (STI) | 0.76% |
| 30 | VORNADO REALTY TRUST | (VNO) | 0.72% |
| 31 | PUBLIC STORAGE | (PSA) | 0.71% |
| 32 | Ameriprise Financial Inc. | (AMP) | 0.71% |
| 33 | AON Corp. | (AON) | 0.69% |
| 34 | Hartford Financial Services Group Inc. | (HIG) | 0.66% |
| 35 | INVESCO Ltd. | (IVZ) | 0.65% |
| 36 | Boston Properties Inc. | (BXP) | 0.62% |
| 37 | EQUITY RESIDENTIAL | (EQR) | 0.61% |
| 38 | HCP Inc. | (HCP) | 0.59% |
| 39 | FIFTH THIRD BANCORP | (FITB) | 0.58% |
| 40 | Principal Financial Group Inc. | (PFG) | 0.54% |
| 41 | Lincoln National Corp. | (LNC) | 0.54% |
| 42 | Discover Financial Services | (DFS) | 0.54% |
| 43 | IntercontinentalExchange Inc. | (ICE) | 0.53% |
| 44 | Host Hotels & Resorts Inc. | (HST) | 0.52% |
| 45 | REGIONS FINANCIAL CORP. | (RF) | 0.49% |
| 46 | UNUM GROUP | (UNM) | 0.45% |
| 47 | NYSE Euronext | (NYX) | 0.45% |
| 48 | Hudson City Bancorp Inc. | (HCBK) | 0.45% |
| 49 | Ventas Inc. | (VTR) | 0.45% |
| 50 | Avalonbay Communities Inc. | (AVB) | 0.43% |
| 51 | PROLOGIS | (PLD) | 0.43% |
| 52 | Genworth Financial Inc. Cl A | (GNW) | 0.42% |
| 53 | Plum Creek Timber Co. Inc. REIT | (PCL) | 0.42% |
| 54 | XL Capital Ltd. Cl A | (XL) | 0.41% |
| 55 | M&T Bank Corp. | (MTB) | 0.40% |
| 56 | People’s United Financial Inc. | (PBCT) | 0.39% |
| 57 | KEYCORP | (KEY) | 0.38% |
| 58 | Kimco Realty Corp. | (KIM) | 0.37% |
| 59 | SLM CORP. | (SLM) | 0.37% |
| 60 | Health Care REIT Inc. | (HCN) | 0.36% |
| 61 | Moody’s Corp. | (MCO) | 0.35% |
| 62 | Legg Mason Inc. | (LM) | 0.33% |
| 63 | Comerica Inc. | (CMA) | 0.33% |
| 64 | Leucadia National Corp. | (LUK) | 0.32% |
| 65 | Cincinnati Financial Corp. | (CINF) | 0.29% |
| 66 | American International Group Inc. | (AIG) | 0.26% |
| 67 | CB Richard Ellis Group Inc. Cl A | (CBG) | 0.25% |
| 68 | Torchmark Corp. | (TMK) | 0.25% |
| 69 | Assurant Inc. | (AIZ) | 0.24% |
| 70 | Marshall & Ilsley Corp. | (MI) | 0.24% |
| 71 | First Horizon National Corp. | (FHN) | 0.21% |
| 72 | Huntington Bancshares Inc. | (HBAN) | 0.20% |
| 73 | NASDAQ OMX Group Inc. | (NDAQ) | 0.20% |
| 74 | E*TRADE Financial Corp. | (ETFC) | 0.18% |
| 75 | Janus Capital Group Inc. | (JNS) | 0.17% |
| 76 | Federated Investors Inc. | (FII) | 0.16% |
| 77 | ZIONS BANCORP | (ZION) | 0.15% |
| 78 | Apartment Investment & Management Co. | (AIV) | 0.13% |
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