By Louis Navellier of InvestorPlace

NEW YORK (

TheStreet

) -- Though the stock market has shown signs of life recently, including gains of +10% for the

Dow Jones

and +13% for the

S&P 500

in the last three months, financial stocks have largely been left out of the party. By contrast the

iShares Dow Jones US Financial Sector ETF

(IYF) - Get iShares U.S. Financials ETF Report

is up less than +8%, and the

Financial Select Sector SPDR ETF

(XLF) - Get Financial Select Sector SPDR Fund Report

is up about +7%.

The reasons aren't much of a mystery. With high unemployment, lending has dried up and foreclosures continue to plague the balance sheets of many financial stocks. While there are a few diamonds in the rough, there just isn't a lot of hope for these financial companies until broader economic issues improve.

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To protect your portfolio, here are four famous financial stocks you should sell immediately.

Bank of America (BAC)

Odds are, you're familiar with

Bank of America

TheStreet Recommends

(BAC) - Get Bank of America Corp Report

as it's one of the biggest retail banking names in the U.S. Since January, this stock has been in hot water, dropping -22.7%, compared to gains for the broader stock market. While many of the Dow components have rallied since September, BAC stock has dropped -6.6% in that time. Despite posting EPS of $0.27 last quarter, experts have scaled back on their projections for this quarter and have posted an estimate of $0.24. Trading at $11.64, BAC is very close to its 52-week low of $10.91.

JPMorgan Chase (JPM)

JPMorgan Chase

(JPM) - Get JPMorgan Chase & Co. (JPM) Report

is a financial holding company with numerous bank subsidiaries. Over the past 12 months, this financial company has slid -4.4%, compared to gains by the broader markets. Things have not looked much better in the short term either, as JPM stock is down -2.5% in the last month. JPM stock is not considerably cheap with a stock price of $39.90 and a 52-week range of $35.16 to $48.20. Sell this stock before it does any more damage to your portfolio.

Related Article: The six worst stocks to own in 2011.

ING (ING)

Global Financial Institution

ING

(ING) - Get ING Groep NV Sponsored ADR Report

offers banking, investments, life insurance and retirement services to its customers. After performing modestly for most of 2010, the stock has faltered lately. In the last month, ING has dropped -11.7%, leaving the stock with year to date returns of exactly 0%. If watching all of their yearly returns disappear in a month wasn't bad enough for shareholders, this financial stock also posted a quarterly earnings growth of -25.9% in its last income statement. ING is currently priced at $9.81, but should be sold immediately based on its recent performance.

CME Group (CME)

CME Group

(CME) - Get CME Group Inc. Class A Report

allows access for all asset classes for future products from a single electronic trading platform. Year-to-date, this stock has lost -6.9% compared to moderate gains by the broader markets. While CME has beaten earnings estimates two of the last three quarters, it has only been by a combined +1.5%; far from inspired performance. The fact that CME stock is priced at $312.83 should also scare away potential buyers. The risk of getting burned by this expensive stock is high. Sell now.

As of this writing, Louis Navellier did not own a position in any of the stocks named here.

>To see these stocks in action, visit the

4 Famous Financial Stocks to Sell

portfolio on Stockpickr.

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One of Wall Street's renowned growth investors, Louis Navellier is the editor of four investing newsletters: Emerging Growth (formerly known as MPT Review), Blue Chip Growth, Quantum Growth and Global Growth. His longest-running publication, Emerging Growth, has a track record of beating the market nearly 3 to 1. Navellier is the author of a BusinessWeek bestseller, "The Little Book That Makes You Rich," and the chairman and founder of Navellier & Associates, Inc.