Quarterly results from Morgan Stanley (NYSE: MS) on Thursday were set to move financial exchange traded funds (ETFs), which have been stuck in the mud during bank earnings season.

Financial Select Sector SPDR Fund (NYSEArca: XLF) is barely positive for the year and has lagged the overall market by a decent margin. Meanwhile, in bank stocks, SPDR KBW Bank ETF (NYSEArca: KBE) has fallen close to its 200-day moving average.

“The broad market’s big rally has come a little too late to save the financial sector from a technical breakdown,” writes Tomi Kilgore at MarketWatch.

Analysts have been watching and waiting for the financial sector to take the leadership baton in the rally, but it hasn’t happened. [Financial ETFs Lagging Market on Economic Worries, Headline Risk.]

The bank ETF closed lower Wednesday despite the nearly 200-point rally in the Dow. A 4% pullback in Wells Fargo (NYSE: WFC) after disappointing earnings weighed on the fund.