The hits just keep on coming for the financial sector exchange traded fund (ETF).
According to Forbes, the Financial Select Sector SPDR (XLF) fell to its lowest price in almost four years. All 10 of its biggest holdings were showing weakness, which contributed to the drop. Bank of America (BAC), the largest component, is at its lowest level since May 2004. Citigroup (C) is the third-largest holding and is at it’s lowest since October 2002.
XLF has lost 7% since the end of last year, and 22% since the end of the third quarter.
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.