It's All About the Banks
04/07/2010 9:30 am EST
Stocks continued to climb on Tuesday and money was clearly flowing into the banks, not just the big names, but also the small regional and foreign banks. Most regional bank averages were up over 2% yesterday and the southeastern bank group is up 6.8% for the past week. Popular, Inc. (BPOP), a foreign bank, had double the average volume and completed its continuation pattern in March. Pacific Capital Bancorp (PCBC) also has a bullish chart with strong volume on Tuesday. Both are well below their 2008 highs.