Two Bank ETFs Looking Bearish (KBE, RKH)
Financials were under pressure today and the ETF Professor noted some interesting declines in two banking ETFs.
To be sure, a lot of the weakness is found among the regional banks and not surprisingly, the Regional Bank HOLDRs ETF (AMEX: RKH) was down 2.15% today. While J.P. Morgan Chase (NYSE: JPM) accounts for almost 24% of RKH's holdings, there is heavy bias toward more regional names like Wells Fargo (NYSE: WFC), US Bancorp (NYSE: USB) and BB&T (NYSE: BBT).
The SPDR KBW Bank ETF (NYSE: KBE) also features a mix of regional and bigger names and was also down more than 2% today. Options bears made their presence known in KBE, purchasing more than 10,000 March 19 puts.
(c) 2011 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.
We're Loving
