NEW YORK (TheStreet) --Several banks and financial securities were gaining on Thursday, some eclipsing eight-year highs. The combination of investment rotation to banks from other sectors, changing yields on bonds and anticipated fewer regulations from a Trump administration seem to be the catalysts, Miller Tabak managing director Matt Maley said.
"The one thing, though, the group is up incredibly in the last three months, and it's getting very extended. I, to be honest with you, am not a big believer of chasing the group right here," Maley noted on CNBC's "Power Lunch" Today.
The biggest reason for not chasing the group at this stage is because the group is getting incredibly oversold and over-hated, he noted.
"The futures traders in the treasury market are only 6% bulls, that's very low," Maley added. "That's getting very ripe for a bounce in price, which will bring yields down and flatten the curve."
Maley feels that will give investors the opportunity to take the over-bought financials and pull back slightly.
"I think you will get a better opportunity to buy them on weakness in the coming week or two," he contended.