The Philadelphia Bank Index tracks the stock performance of the twenty-or-so (with all the failures/emergency mergers it’s tough to really keep close count) largest banks in the country. It has lead the stockmarket’s selloff with about a 50% decline in 2008.
It has rallied since the dramatic selloff late last month but is running into some stiff resistance (45-50) currently. Whether it can manage to surmount it out or not will tell us much about the strength of the current rally.