On Wednesday the XLF, the financial sector ETF, added 0.05 points (0.55%) to trade around 9.20 , in a sign that the banking sector had overcome two days of heavy selling and held major support at 9.00. The volume was light; 125,000,000 ETF's changed hands against a rising daily average of 220,000,000.
The banking sector was recently hit by fears that the Stress-Test results from the Treasury were getting delayed because of earnings releases, something that hovered around and negated sentiment on a day of light volume trading. The European markets did their part in helping things along by closing in the green, and more importantly having their futures markets indicate that overnight the buying may continue. The Dax gained 0.3%, the FTSE lost 0.1%, and the Cac 40 gained 0.6%.