Banks Underperfomed the S&P 500 :MI, CFR, PNC

Published on Thursday, 08 December 2011 16:46 Written by Christian Paolinetti

New York, December 8th (TradersHuddle.com) - The KBW Bank Index closed lower at $38.1, which represents -3.91% from its previous close. The bank index tumbled with 23 index components on the negative side.

Marshall & Ilsley (NYSE:MI) was the top performer of the banking index, closing at $7.9 representing 0%. versus the previous trading session. Shares of Marshall & Ilsley, the Wisconsin based diversified financial services firm have defined support at $7.56 and resistance at $7.93.

Cullen/Frost Bankers (NYSE:CFR) was also among the top performers, closing at $50.44 representing -2.38% from its previous close. Cullen/Frost Bankers, the largest Texas-based banking organization operating only within the state has calculated support and resistance levels at $46.93 and $51.43 respectively. The other top performer was PNC Financial (NYSE:PNC), which traded at $54.4 representing -2.79% from the previous trading session.

The bank's worst performers include Citigroup (NYSE:C) that closed at $27.75 or -6.97% from the previous close. Shares of Citigroup, the diversified financial services firm have defined support at $23.30 and resistance at $30.14. Also among the worst performers was JP Morgan (NYSE:JPM), which is currently trading at $32.22 representing -5.24% from the previous trading session.

Today, the banks underperformed the broad market index S&P 500.