Financials (XLF) Bloodied but Not Beaten

Financial Select Sector SPDR (NYSE: XLF) is holding up relatively well today despite a huge selloff in shares of JPMorgan (NYSE: JPM). JPM shares are is being beaten up because of a report in the New York Times today that suggests the 'London Whale' losses could total $9 billion. The $9 billion dollar loss is not confirmed and the exact amount of the trading loss remains unclear and will remain so until JPMorgan’s earns are reported next month. Previous estimates put the total loss at between $4-$6 billion.

In other sector news, investors are still shaking their heads after Barclays agreed to pay $350 million to settle with regulators on charges that they and other large banks manipulated the LIBOR rates. Other banks have yet to settle similar charges.

Given all the headwinds, many are surprised to see that XLF is only off by 1.68 percent.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• JPMorgan (JPM) call put ratio 1.8 calls to 1 put into quarter results
• Holtec Nuclear Corporation files for initial public offering
• Financial Select Sector SPDR ETF (XLF) spreader of 20K contracts of July 31 weekly 57 and 59 calls into bank earnings season