Financial Select Sector SPDRFund (XLF)

XLF (NAL:Financial Services) ETF
$22.92
pos +0.00
+0.00%
Today's Range: 0.00 - 0.00 | XLF Avg Daily Volume: 74,359,800
Last Update: 12/05/16 - 4:00 PM EST
Volume: 0
YTD Performance: 18.53%
Open: $0.00
Previous Close: $22.92
52 Week Range: $17.14 - $23.00
Oustanding Shares: 944,195,427
Market Cap: 21,386,026,422
6-Month Chart
TheStreet Ratings Grade for XLF
Buy Hold Sell
A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F
TheStreet Ratings is the source for accurate ratings that you can rely upon to make sound, informed financial decisions. Click here to find out about our methodology.
Analysts Ratings
Historical Rec Current 1 Mo. Ago 2 Mo. Ago 3 Mo. Ago
Strong Buy
Moderate Buy
Hold
Moderate Sell
Strong Sell
Mean Rec. 0.00 0.00 0.00 0.00
Latest Dividend: 0.00
Latest Dividend Yield: 0.00%
Dividend Ex-Date: 12/31/69
Price Earnings Ratio: 0.00
Price Earnings Comparisons:
XLF Sector Avg. S&P 500
0.00 0.00 0.00
Price Performance History (%Change):
3 Mo 1 Yr 3 Y
14.96% 13.98% 33.86%
GROWTH 12 Mo 3 Yr CAGR
Revenue 0.00 0.00 0.00
Net Income 0.00 0.00 0.00
EPS 0.00 0.00 0.00
Earnings for XLF:
EBITDA 0.00B
Revenue 0.00B
Average Earnings Estimates

Earnings Estimates data is not available for XLF.

Chart Benchmark
Average Frequency Timeframe
Indicator Chart Scale  
Symbol Comparison Bollinger Bands
By

Doug Kass

 | Oct 18, 2016 | 10:44 AM EDT
I continue to be strongly committed to the short side and I have added to my index shorts on this morning's gap higher.
RMPIA
By

Doug Kass

 | Oct 17, 2016 | 5:21 PM EDT
The U.S. dollar weakened. The price of crude oil declined by four bits to $49.86. Gold flatlined. Ag commodities rallied: wheat up $0.02, corn up $0.01, soybeans up $0.16 and oats up $0.02. Lumber fell an outsized $9 and closed at a multi-week low. Peak housing? Bonds rallied (I covered a large portion of my bond short early in the day). Yields fell by two to three basis points The 10-year U.S. note yield fell below 1.77% -- though Tepper was quite bearish on bonds. The 2s/10s spread was flat at 95 basis points. Municipals were actually slightly higher in price, but that didn't keep closed-end municipal bond funds from getting schmeissed. the lack of liquidity in that asset class was a subject I wrote about midday. Look at BlackRock Inv. Quality Munic. Trust (BKN) , Invesco Pennsylvania Value Mncpl Incm Tr (VPV) , Etrion (ETX) , BlackRock Municipal Income Trust II (BLE) (more declines of 1.5% to 3%) after a similar drop on Friday! This is supposed to be a conservative asset class, but these funds have lost nearly their annual dividend yields in two days! Junk bonds were slightly weaker but, again, Blackstone/GSO Strategic Credit Fund (BGB) had an outsized decline. Stay far from both closed end municipal bond funds and BGB. Banks were disappointing for the second day in a row. I have expressed my views here. Short JPMorgan Chase (JPM) , Citigroup (C) and Financial Select Sector SPDR Fund (XLF is my Trade of the Week -- down a dime from my cost on the day). See Jim's good columns on sector below. Surprising executive departure at Visa causes price weakness. Insurance was unchanged to lower but brokerages got hit after Friday's strength. Old tech was uneventful. IBM (IBM) down $1 after a slight beat. Retail was a conspicuous market blemish across the board weakness. Home Depot (HD) , Lowe's (LOW)  , Macy's (M) and Nordstrom (JWN) featured losers. Biotech after a very weak Friday. Valeant Pharmaceuticals Intl (VRX) (Ackman) new low, Allergan (AGN)  down $4, but Celgene (CELG)  up $1. Big pharma down small. Consumer staples weakened. Core short, Coca-Cola (KO) , a new low. Autos lower -- Ford at another low. Ag equipment down modestly. (T)FANG mixed. Netflix (NFLX) up big on a nice beat (I remain small short the name) Amazon (AMZN) and Tesla (TSLA) lower. Here are some value-added contributions on our site: 1. Jim "El Capitan" Cramer had several posts on banks.
By

Doug Kass

 | Oct 17, 2016 | 9:52 AM EDT
Overvaluation, with 25x GAAP and 19x non-GAAP Political uncertainties The likelihood of more fiscal gridlock (2017-2020) with a Democratic presidency and Senate and a Republican House Geopolitical risks Nascent inflationary pressures A mean regression of corporate profit margins An undercapitalized and derivative top-heavy Deutsche Bank (DB) The dominance of risk parity and volatility trending strategies that exaggerate short-term market moves and run the risk of more dangerous flash crashes The general lack of fear and Bull Market of Complacency, and A peak in central banks' liquidity I followed that column up with two other posts on the same theme: Part Two Part T
By

Doug Kass

 | Oct 17, 2016 | 7:37 AM EDT
Lower Bond Yields Ahead: The yield on the 10-year U.S. note has risen from about 1.35% in early June, when I called for a Generational Bottom in bond yields, to 1.805% on Friday. I believe that with the rate of domestic economic growth now slowing, as will be discussed more exhaustively in my next post, the yield will likely come down back into the previous trading range of 1.55% to 1.70%.  A Flattening Yield Curve: The 2s/10s spread is up to 96 basis points; it bottomed several months ago at approximately 78 basis points Though high-frequency data economic statistics have been eroding, the odds of a December rate rise have been mounting (now at about 68%) and our central bank seems determined to deliver an increase in the fed funds rate. I believe the Fed's worst nightmare is about to come true -- a fed funds rise could trigger lower longer-term bond yields as the domestic data weaken even further. With higher short-term interest rates and lower intermediate- and long-term bond yields, a further flattening in the yield curve is expected. Rate Sensitivity: Banks are asset sensitive, meaning the institutions have an imbalance of rate-sensitive assets over rate-sensitive liabilities. Lower intermediate- and longer-term yields coupled with a flattening yield curve will be an anathema to bank share prices and earnings. Less Value of Deposits: Given the above, a dollar's worth of deposits will be less valuable and produce less profits in the future compared to today. Slowing Loan Demand May Lie Ahead; With the domestic economy weakening (Peak Housing, Peak Autos, etc.) coupled with Peak Liquidity in the U.S. as many anticipate a December Fed rate hike, credit demand may abate. Recently the Atlanta Fed reduced its second-quarter real GDP growth estimate to 1.9%; it initially projected a better-than-3% growth rate a month ago. If correct, this would mark the fifth consecutive quarter of sub-2% growth since the Great Decession ended. That would make the first time since 2009 that the U.S. economy grew by less than 2% in five consecutive three-month periods. Stricter Enforcement of Dodd-Frank in a Clinton Administration: The Wells Fargo fiasco now enforces the case for Dodd-Frank, and the notion that banks are too big to manage got much stronger in September-October. At the very least, a likely Clinton administration and an emboldened Elizabeth Warren could result in continued regulatory pressures, acting as an expensive and burdensome albatross around the neck of the banking sector's shares and profitability. In its extreme, the re-emergence of the populists' too big to manage objections could bring on a new directive and initiative to break up the banks. Lower Equity Returns: More regulatory compliance means that a dollar's worth of equity will be less valuable and also produce less profits three to six months from today. Deutsche Bank Is the Canary in the International Banking Coal Mine: The health of Deutsche Bank (DB) is not improving. Any further deterioration in the bank's financial/operating condition and/or emergence of European economic weakness could strengthen concerns regarding the bank's opaque derivatives business, and the associated counterparty and systemic risks could develop into collateral risks in our country and elsewhere. Bank Stocks Are Not Inexpensive: The prevailing meme in the business media and analytical community is that bank stocks are cheap. They are neither inexpensive relative to their regulatory restraints on return on equity (going forward) nor relative to non-U.S. bank valuations. On the later point, after the recent bank stock rally, U.S. bank stocks trade at about 1.2x book value. This compares to European Union banks at 0.6x and Japanese banks at 0.35x (Source: Larry McDonald's The Bear Traps Report)  Bottom Line  Lower bond yields, a flattening yield curve, challenged credit demand in a slowing domestic economy and continued burdensome and expensive regulatory threats mean that forward-looking bank profits have little upside, and some downside.  Priced at book premiums and far in excess of non-U.S. banks, domestic bank stocks, after a 17% run higher, seem vulnerable absolutely and relative to the broader market indices.  On Friday I shorted Financial Select Sector SPDR ETF (XLF) and on the early-morning earnings-influenced gap higher I initiated shorts in Citigroup (C) and JPMorgan Chase (JPM) . This week's Trade of the Week is to short XLF (at $19.42).
By

Doug Kass

 | Oct 13, 2016 | 10:13 AM EDT
Here are my trades to this point:
RMPIA
By

Doug Kass

 | Oct 11, 2016 | 5:29 PM EDT
The U.S. dollar soared, something I highlighted very early in the morning as an important factor in my short-term negative view of the equity market. The price of crude oil fell by $0.56 to $50.79 after several days of strength. Gold was down $4.30 to $1,256 after a better start earlier in the day. I plan to add on weakness. I don't expect a December rate increase (see below) and more central bank lunacy and limited fiscal flexibility in a partisan Washington next year. Ag commodities: wheat up $0.03; corn up $0.02; soybeans down $0.01; and oats up 2 $0.02. Bonds rallied in yield but declined in price. The 10- and 30-year note and bond climbed by 3 basis points in yield. The 2s/10s spread (yield curve) rose to 90 basis points. Munis were sold and junk bonds weakened more considerably. Blackstone/GSO Strategic Credit Fund (BGB)  was down only $0.02. Banks held up fairly well under the circumstances as bond yields rose. I haven't pulled the trigger on short Financial Select Sector SPDR Fund (XLF) , but I am close as the yield curve remains flat. However insurance and brokerages got hit. Last week's short pickups in Metlife (MET) and Lincoln National (LNC) turned out well. Autos and energy lower. Retail was on sale. Warm weather hit the sector's earnings in the soon to be released quarter, but this is starting to be discounted as the turn in weather (colder) now could bode well for the important Christmas/holiday quarter. Biotech got schmeissed -- something I warned readers to expect (after Illumina (ILMN) issued lower guidance) in my "Takeaways" last night. Celgene (CELG) , Gilead Sciences (GILD) (everyone's very value biotech, I see it as a value trap; today it hit a year low) and Allergen (AGN) all much lower. Speculative biotech tanked. Trump's rogue actions today and Clinton's overwhelming strength in the polls may have also contributed to today's train wreck in biotech. Ag equipment stalled despite a Goldman Sachs (GS) upgrade. Old media lower, led by losses in IBM (IBM) and Intel (INTC) . Fertilizers not so crappy with gains in Monsanto (MON) and Potash Corporation of Saskatchewan (POT) . Media under assault again. All four components of (T)FANG were lower, but far less than the market' drop. Netflix (NFLX) , my only short, looks to be breaking down. In terms of individual stocks, Oaktree Financial (OAK) was a sap, but I added, as was JCP, which I also added to. In the latter retailer the colder weather is a plus but the third quarter will likely have been hit (along with other retailers) by the unseasonably warm weather. At $9 I expect the market might look through a disappointment. Unconfirmed rumors that Prince Alaweed might raise his position in Twitter buoyed the shares as did continued Salesforce (CRM) takeover chatter (albeit at a lower price). Here are some value-added contributions on our site. 1. Jim "El Capitan" Cramer clearly doesn't agree with my negativity in " Nowhere to Run, Nowhere to Hide." Jim sees the absence of new money as an integral factor today - while I have more fundamental issues that I raised in my opener, "The Market Outlook Worsen." 2
By

Tim Hesselsweet

 | Oct 5, 2016 | 2:00 PM EDT
The gold play is fool's gold, buy yield securities.
By

Doug Kass

 | Oct 5, 2016 | 11:50 AM EDT
Bank and insurance company shares have had a spirited advance this week based on better-than-expected U.S. economic data and talk of th …
By

Tim Hesselsweet

 | Oct 3, 2016 | 2:00 PM EDT
The best performers on the year tend to continue to outperform into year-end.
By

Tim Hesselsweet

 | Sep 21, 2016 | 10:19 AM EDT
Higher rates increase the spread between what banks pay for deposits and what they charge to lend.
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