Financial exchange traded funds fell Tuesday with shares of Citigroup (NYSE: C) and American International Group (NYSE: AIG) down more than 1% as investors awaited a pricing of 300 million AIG shares after the bell.
Financial Select Sector SPDR Fund (NYSEArca: XLF) fell 0.6%. The sector ETF has dropped below its 200-day moving average, a negative sign from a technical standpoint.
Paul Weisbruch at Street One Financial in a note Tuesday said large buying in put spreads was observed in the financial ETF on Monday as it closed in on its 200-day average.
“These options investors are bracing for additional downside in XLF but not below $13 [a share],” Weisbruch said.
Financial Select Sector SPDR Fund
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