Low Banks

Have to catch an early train
Got to be to work by nine
And if I had an aeroplane
I still couldn't make it on time
--The Bangles

We've noted the low relative valuations of the energy complex against broader markets several times recently (e.g., here, here). Hadn't realized that bank stocks have also been touching long term relative lows vs the major indexes.

Ratio of Bank stocks to the S&P 500 hitting a new low today, below the March 2009 low. $KBE $SPY pic.twitter.com/03FRT8LHSz

— Charlie Bilello (@charliebilello) February 14, 2020

Bank stocks are breaking below levels set at the March 2009 bottom.