Seeking Alpha

All 10 major S&P sectors are up by 1% or more, but financials (XLF +3.5%) are spiking...

All 10 major S&P sectors are up by 1% or more, but financials (XLF +3.5%) are spiking following bank beatdowns of recent weeks and a bid for insurers (KIE +5.3%) after Irene's damage appears less severe than feared. Bank of America (BAC +6%) rallies (earlier) even after at least two firms lower price targets. Also: JPM +2.9%, WFC +2.9%, C +3.8%, MS +3.8%.
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  • mdmrjsds
    , contributor
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    The ETF effect discussed here on SA recently? That because of the dominance of ETFs in the market, the fundamentals of individual stocks become less and less relevant. People more and more buy ETFs that reward all components of the composition equally, regardless of actual individual stock performance.
    29 Aug 2011, 01:33 PM Reply Like
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