Bank Stocks Bounce
07/09/2010 9:52 am EST
The financial stocks have rallied nicely with the market over the past few days as both the Financial Select Spyder (XLF) and the SPDR Banking ETF (KBE) have so far held well above key support. The KBE shows that the 38.2% support lies at $21.50 with good chart support at $20.60. Volume in KBE has picked up, but a move above resistance at $25.40 is needed to signal a rally back to the April highs in the $29 area.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.