Bank-Stock Rally Seen Aiding Bullish Case for U.S. Shares: Chart

Banks represent “the bullish side of the story” for U.S. stocks, according to Matt Maley, a Miller Tabak & Co. equity strategist. In a note Tuesday, he cited the SPDR S&P Bank exchange-traded fund, which reached its high for the year on Monday after rallying 28 percent from a low on Feb. 11. “We worry that people are overly bullish on the potential for the group,” Maley wrote. “However, there is no question that the bank stocks act well.”