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by: Andrew Wilkinson posted on: July 25, 2008 | about stocks: Rebecca Engmann Darst contributed to this report. XLF – Early in the session today it looked as though financial issues might dust off at bit after yesterday’s ruinous rout, but most big bank stocks have reversed early gains and are now resolutely in the red as the market’s “dust bowl pessimism” continues to stick to the shoes of these stocks. Even during the gains of the early session, option traders seemed to show a knowing inclination to put spreads, continuing a trend that began Wednesday with the prolific spread activity in Wells Fargo , and continued throughout yesterday with action in Bank of America and Citigroup . Shares in the financial sector ETF are showing a downtick of .81% to $20.78 at present dispatch, as large block trades have driven the volume up... [read full story]
