Sector Wrap Up - Banks Lower: BBT, USB, MI

Published on Monday, 30 January 2012 16:46 Written by Gerard Lerod

New York, January 30th (TradersHuddle.com) - The KBW Bank Index closed lower at $42.4, which represents -1.1% from its previous close. The bank index tumbled with 21 index components on the negative side.

BB&T (NYSE:BBT) was the top performer of the banking index, closing at $27.21 representing 0.96%. versus the previous trading session. Shares of BB&T, the regional bank based in Winston Salem, NC have defined support at $21.03 and resistance at $27.90.

U.S. Bancorp (NYSE:USB) was also among the top performers, closing at $28.01 representing 0.54% from its previous close. U.S. Bancorp, the largest lender in Minnesota and owner of the fifth largest U.S. bank has calculated support and resistance levels at $23.72 and $29.42 respectively. The other top performer was (), which traded at $0 representing 0% from the previous trading session.

The bank's worst performers include Bank of America (NYSE:BAC) that closed at $7.07 or -3.02% from the previous close. Shares of Bank of America, the largest U.S. lender have defined support at $6.41 and resistance at $7.50. Also among the worst performers was Capital One (NYSE:COF), which is currently trading at $44.69 representing -2.95% from the previous trading session.

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