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Sweeping government measures to rescue the financial system and restore confidence in shaky markets spurred a huge relief rally in U.S. stocks on Friday.
That ends a week that saw the most dramatic reshaping of the financial landscape since the Great Depression.
Investors piled into financial stocks believing the worst may be over and sent the Financial Select Sector SPDR [XLF
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] soaring.
RBC Capital Markets upgraded the U.S. banking sector to "overweight" from "underweight" and said the rescue plans by the U.S. government will lead to higher bank stock prices through the end of the year.
The rise in stock values should enable banks to raise more capital and "aggressively dump" bad assets, RBC analyst Gerard Cassidy wrote in a note to clients.
But if you’re late to the game, it’s probably best not to chase this sector.
“I expect to see a little bit of a pull back in the XLF. It will probably start testing $20 and when it does that could be an opportunity.”
Najarian recommends keeping a close eye on banks. “If we can provide some stability in the banks it should bode well for the global growth story.” And that translates into strength for the commodity stocks, oil [US@CL.1
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] as well as emerging markets which can be played via the iShares MSCI Emerging Markets ETF [EEM
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].
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