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Sector Watch - Financials

by Rick

Financials (XLF)
Bullish
Trading above its…
20-day Moving Average: NO
50-day Moving Average: NO
100-day Moving Average: NO

Sentiment:The recent pullback in the broad market along with fears surrounding the subprime lenders has stirred up a great deal of pessimism regarding the financial sector. The Schaeffer’s put/call open interest ratio (SOIR) for the Select Sector SPDR Financials Fund (XLF ?5.87) comes in at 4.57, as put open interest is more than four times call open interest among options with fewer than three months until expiration. This ratio is also higher than roughly two-thirds of the readings taken during the past 12 months.

Outlook:The XLF has bounced off support at its rising 160-day moving average and is currently gaining ground. The exchange-traded fund is also benefiting from options-related support. The March 33-35 strikes are currently home to more than 430,000 contracts. The unwinding of these positions this week could add some lift to the sector. Furthermore, the April 35 put has open interest of more than 165,000 contracts while the June 35 put has 132,000 contracts in residence. This combination of pessimism and growing technical strength has bullish implications from a contrarian perspective.

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Posted in General on March 14th, 2007

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