One of the market’s most highly-traded ETFs, Financial Select Sector SPDR (NYSEArca: XLF), is starting to break out today.

XLF is dominated by money center banks. Wells Fargo (NYSE: WFC), JP Morgan (NYSE: JPM), Citigroup (NYSE: C) and Bank of America (NYSE: BAC) make up 26% of the tracking index.

The financial sector ETF is trading at key levels and a close above $15 a share would be bullish from a technical perspective.

Also, there have been bullish call buyers in XLF options the past five sessions.

IYF (iShares Financials), FXO (First Trust Financials AlphaDEX), RYF (Guggenheim Financials Equal Weight) and VFH (Vanguard Financials) are among other financial specific ETFs to watch here with XLF. [ETF Chart of the Day: Financials]

The financials rally seems to be led by big banks as well as brokerage and money management firms.

XLF options continue to be in focus this week as the September and October $16 strike calls were purchased yesterday in notable size.

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