Bank stocks are prepped and ready to become market leaders once bond yields rise, said Citigroup strategist Tobias Levkovich, according to Bloomberg.

The current ratio between yields of the S&P 500 Financial Index and yields of the broader S&P 500 reflects a position financial stocks haven't been in since the 2008 financial crisis. Levkovich said yields are "so important" as an indicator of financial stocks' strength in a report.

The S&P 500 Financial Index has traded in the green for four of the last five trading days, up about 6.5% since the start of the year. The S&P 500 has traded up 9.3% during the same period.

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