Market Overview

Financials Leading The Pack

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.

previous post: Time to go Shopping, Karpel's Corner Looks at Two Retailers

Get the full report by watching the video below:

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Education General


Related Articles (IWM + CVS)

View Comments and Join the Discussion!

Partner Center