Bank-Stock Rally Seen Aiding Bullish Case for U.S. Shares: Chart

(Bloomberg) -- Banks represent “the bullish side of the story” for U.S. stocks, according to Matt Maley, a Miller Tabak & Co. equity strategist. In a note Tuesday, he cited the SPDR S&P Bank exchange-traded fund, which reached its high for the year on Monday after rallying 28 percent from a low on Feb. 11. “We worry that people are overly bullish on the potential for the group,” Maley wrote. “However, there is no question that the bank stocks act well.”

To contact the reporter on this story: David Wilson in New York at dwilson@bloomberg.net. To contact the editors responsible for this story: Chris Nagi at chrisnagi@bloomberg.net, John Shipman