IYG has had a breath-taking 10-month rally from November 2012 to the peak earlier this month. The same could be said for the three largest holdings, as illustrated in the one-year chart below. WFC data by YCharts
Shaky German banking giant gives up another 7%.
Follow Gundlach's lead and lighten up on financials.
A proposed rule that requires more capital for the largest banks might hurt JPMorgan and Wells Fargo, but separate changes could benefit smaller banks.
The struggling German bank is looking for Goldman Sachs-like penalties for its pre-crisis dealings.