It's been a topic of much mention on my part over the past few weeks and our subscribers have taken full advantage of this trade – short banks vs the S&P 500.  

Thus far our focus has been on Bank of America, Goldman Sachs, JPMorgan.  Today however two other characters enter our rader. Bank of New York and U.S. Bancorp.  Both are down on the day and just testing their 200 day moving averages (red lines on the charts).  While the potentially 'easy' trade here is over, should they manage to close below their 200 dma levels I would get interested in shorting those with clear stops as both stocks have respected their 200 dma well in the past.  

The  XLF (financial sector SPDR ETF) still has some room until it hits the 200 dma.

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