“I think Wells Fargo is ready for the next big leg down,” Todd Gordon of TradingAnalysis.com told CNBC.
“Looking at a chart of Wells Fargo, Gordon noted that the stock has been butting up against key resistance around the $50. “It looks like we could go down and test the February lows [of around $44]especially after earnings on April 14,” said Gordon,” adds CNBC.
Other bank ETFs have been pinched more severely by the dithering Fed than XLF. For example, the SPDR S&P Regional Banking ETF (NYSEArca: KRE), the largest regional bank ETF, is down 13.5% this year.
Financial Select Sector SPDR
