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In One Chart: Why bank stocks look due for a drop — in one chart

As traders talk about “Trump trades” unraveling, one strategist is focusing on banks in particular.

IG’s Chris Weston has offered the chart below on bank stocks, along with a bearish take.

IG

The SPDR S&P Bank ETF KBE, +0.87% looks like a good short opportunity, the chief market strategist said in a note late Tuesday.

The banking play looks set to fall, and “short positions in U.S. markets are preferred, although I am not expecting a strong move lower,” Weston wrote.

The ETF has moved below its recent trading range, he noted. His chart served as the chart of the day in our Need to Know column.

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