S&P 500 Financials - Best and Worst of the Week

While some Financial stocks have been dealing with their fair share of turmoil this week, the sector itself hasn't had that bad of a week.  As shown in the chart below, while the sector has come in some this week, it's still well above its July and August lows.

Below we highlight the ten best and worst performing stocks in the S&P 500 Financial sector this week.  The moves in stocks on the downside look like they could be yearly changes.  Lehman (LEH) is down the most at -77.8%, followed by AIG (-45%), MER (-36.4%) and WM (-36.3%).  Currently, 44% of stocks in the sector are up this week, and ZION is leading the way with a 9.28% gain.  Other winners this week include BK, WFC, BBT and CME.

Comments

[Schweizer]

So why is the index holding up, including the XLF, with all these heavies getting killed? I don't get it!

[PCScipio]

Schweizer, because here's the top 10 in the xlf and there's not a lot of overlap

AMER EXPRESS INC AXP 2.72
AMER INTL GROUP INC AIG 4.43
BK OF AMERICA CP BAC 6.62
BANK OF NY MELLON CP BK 2.69
CITIGROUP INC C 5.68
GOLDMAN SACHS GRP GS 4.29
JP MORGAN CHASE CO JPM 7.37
MORGAN STANLEY MS 2.49
US BANCORP USB 3.02
WELLS FARGO & CO WFC 4.88

[Did U Think The Ponzi Scheme Would Last?]

The above list of winners and losers for the week is useful if you keep in mind that they have all been big losers so far and they will all lose more before this is over.

So, when the big losers of the week hit their support, cover them and then short the big winners of the last week when they start to falter. Example: is MBI really any better today than when it hit $4? Of course, not, it's actually closer to death. So why did it skyrocket to 16 and then come back down to $12? Is is "recovering"... Of course not, its just short covering that has run its course. Everyone and their dog was short that crap and now it is time to short it again since the herd of locusts has moved on. When the herd comes back, cover the short.

Well, maybe you don't have to this time b/c MBI is likely going to BK.