While banks earnings have been decent this earnings season, there’s been no revenue or loan growth, according to Christopher Mutascio, managing director of Stifel Nicolaus.
“Being cheap isn’t a catalyst enough in the markets today,” Mutascio told CNBC.
Mutascio noted that the banking sector has been lagging since May 2009.
“If you look back to May 2009 until today, the S&P bank index is only up 10 percent, while the S&P  index is up 44 percent,” he said. “So the banks have been lagging this rally for a better part of two years already.”
(See why Mutascio'sfellow strategist Dan Morgan, vice president and portfolio manager of Synovus Securities, says thetech sector "still looks very strong.")
CNBC Data Pages:
Scorecard—What He Said:
- Mutascio's Previous Appearance on CNBC (Apr. 14, 2011)
Top Financials Now:
Bank of America
Morgan and his firm own shares of IBM and APPL. Morgan’s firm also owns shares of INTC, GOOG and NOK.
No immediate information was available for Mutascio or his firm.