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Corey Rosenbloom: As a follow-up to yesterday’s “Bullish Sector Rotation Model” post, let’s take a moment to clarify how investors and traders can use top-level Sector Rotation themes to their advantage. Read more…
Sara Nunnally: Late yesterday, one of the greatest modern-day innovators passed away. Steve Jobs died Wednesday, one day after the latest version of the iPhone was announced. Read more…
Corey Rosenbloom: With the broad indexes challenging – and in some cases breaking – initial ‘barrier’ support levels, the financial sector is already breaking down into fresh 2011 lows. Read more…
“Citigroup (NYSE:C) shares were among the winners in the financial sector Monday after analysts at Goldman Sachs (NYSE:GS) upgraded the megabank’s stock, arguing that Citi’s massive trading desk Read more…
“Citigroup (NYSE: C) beat analysts’ first-quarter earnings estimates, prompting investors to push up its stock by 7% yesterday. With the gain, Citigroup’s stock (C) has soared more than 40% this year Read more…
“While we’re talking about the financial sector let’s go over and take a look at the Financial Select Sector ETF (NYSE: XLF). It, too, had a weekly downside reversal, as the up move last week peaked Read more…
“Although the future of reform legislation remains unclear, a recent bill proposed by Senator Christopher Dodd (D., Conn.) could potentially hinder the financial sector and its exchange traded Read more…
”The broader financial sector, including brokerages and insurers, makes up roughly 16% of the market value of the Standard & Poor’s 500 index. That’s the second-largest sector after Read more…
“Exchange-traded funds that invest in regional-banking stocks have outperformed the broad financial sector so far in 2010 on hopes that smaller lenders’ credit losses are easing Read more…
“SPDR KBW Regional Banking (NYSEArca: KRE) offers investors a direct play on this subsector of the financial industry. We like the diversification benefits this ETF offers and think that investors looking Read more…
It looks like Bank of America will not be taken over by the government. The bank says it does not need any new capital despite prior rumors that it would need an additional $35B in government money… It will instead convert preferred stock to common, and liquidate assets amongst to other creative options to raise the capital necessary. This is boosting confidence in the market spurring positive trading in the financial sector. (ETF Daily News)
Bank of America (BAC) shares rose after reports that the company probably has enough government investment in hand to cover about $34 billion of capital needs prescribed by a recent stress test.
Those gains helped lift the Financial Select Sector SPDR (XLF), which tracks the financial stocks in the S&P 500, by 3.6%.
The KBW Banking ETF (KBE) rose 5.4% and the KBW Regional Bank ETF (KRE) rose 2.2%.
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