Financials Leading The Pack
Consumer names ($XLY) like Kroger ($KR) and CVS ($CVS) are up between 1-2 percent. This was also on impressive volume, especially in the small-caps ($IWM), which almost had 2 times the average daily volume.
While this is bullish we need financials ($XLF) to pick up in order to keep this momentum going.
We are seeing that type of action in the Banking sector. The Banking ETF ($KBE) was up ~25 yesterday, challenging their 52-week highs.
Two stocks that have shown this movement are, PNC Financial Services ($PNC) and Wells Fargo ($WFC). Now $PNC has made its shift, so chasing is not recommended. But Wells Fargo ($WFC) is ready to test new highs and a break of $55.60. This could be enough of a catalyst to see more upside.
Have a great trading day.
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