Relative Strength in Online Brokers Charles Schwab (SCHW) & Interactive Brokers (IBKR)

As the equity markets stall George Tkaczuk talks about some recent strength seen in the financial stocks.
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In Today’s Trader Exclusive update, George Tkaczuk reports from the floor of the CME Group in Chicago to discuss general market weakness and relative strength in the financials. So far today we have seen strong selling pressure in a number of leading momentum names, but the indexes have yet to confirm a break in the recent uptrend. With a confirmed high volume distribution day into the close, we could be looking at the start of a correction. Key levels for the S&P will be 2,000 to the upside, and about 1,950 on the downside. The Nasdaq needs to hold 4,485. The Dow and Dow transports are strong, with the Russell 2000 small cap index acting weaker than others. As most equities show weakness, the XLF Financial ETF has been holding up. Last week we highlighted SCHW as it broke out and it continues to look good. IBKR broke out as well and we also like that name. Both of these names have been basing out throughout the year and have started to gain momentum.