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Much-Maligned Financials Helping Push Markets Higher

Wednesday, November 9, 2016 11:25
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Analyst Paul Weisbruch draws attention to unusual recent options activity in the financials, and how the sector and other major areas of the markets are reacting to Trump’s landmark victory last night.

We saw a sea-change in recent XLF (SPDR Financial) options flows yesterday consisting of call buyers (December 20 strikes). Previously as one might note from our recent recaps, downside put buyers have been prevalent in the ETF amid heavier YTD outflows in the fund. XLF today is one of the best performing sectors up more than 3.5% in afternoon trading. Oil (USO, USL) is up considerably (+>2%) and Copper (JJC) continues its parabolic rally.

As one might expect if Copper is strong, Industrials have been strong today as well, (XLI +2.5%). Russia (RSX) is up sharply (+2.7%) on the premise of improved relations with the country under a Trump administration.

In general, intraday candlestick charts in many major sector ETFs are like something we have not seen before in some examples, and portfolio managers on the sidelines may really want to closely dissect certain sectors in what some are calling a new “Stock Picker’s market.”

We’ll be sure to monitor these unusual moves closely over the next several sessions to see if there’s real follow-through, or if today’s market action is simply an overreaction to last night’s huge election surprise.

Disclaimer: The content of this article is excerpted from a daily newsletter from Street One Financial. While ETF Daily News may edit the contents and add a relevant title to the piece, the author, Paul Weisbruch, does not endorse or recommend any issuer or security mentioned herein.

About the Author: Paul Weisbruch
paul-weisbruchPaul Weisbruch is the VP of ETF/Options Sales and Trading at Street One Financial. Prior to joining the team at Street One, Paul served as the Director of RIA and Institutional ETF Sales at RevenueShares ETFs from December 2007 until November of 2009. Before RevenueShares, Paul was employed by Susquehanna International Group from 2000 until 2007 serving in roles including OTC/NYSE Institutional Block Trading, Nasdaq/OTC Market Making, ETF/Derivatives Intelligence and Strategy, Algorithmic Trading, as well as acting as the PHLX Floor Specialist in the ETFs, SPY and DIA.Paul has been actively involved in the ETF space from both a product and trading standpoint since 2000. Additionally, Paul has well forged relationships with national RIAs, institutional pension fund managers and consultants, mutual fund and hedge fund managers, and also the ETF media. Co-authoring the “S1F ETF Daily” since 2009, the daily piece has become a must for many portfolio managers in the ETF space, with segments regularly appearing in the likes of Barron’s, WSJ, and for instance.

He holds his Series 4 (Registered Options Principal), 6, 7, 55 (Equity Trader), 63, and 65 licenses. He graduated from the University of Pittsburgh (B.S. – Economics), graduating magna cum laude, and has an MBA from Villanova University.

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