Eoin Treacy's view In a review of the relative performance of global banking sectors in Comment of the Day on January 28th I highlighted that they have returned to positions of outperformance in almost every country which is generally a positive indication of investor interest over the medium-term. Since then the performance of the sector has improved further and in absolute terms a number of sectors indices are breaking out of multi-year ranges.

The results of a Chart Library High/Low Filter highlight the fact that 28 US banks and financials have hit at least new 6-month highs in the last five days. The trend of outperformance among asset managers remains in place with Franklin Resources, Ameriprise Financial and T.Rowe Price hitting new all time highs. This pattern of outperformance is also evident in the UK (Also see Comment of the Day on September 26th)

Another notable performer is JPMorgan which hit a new 4-year high today and while somewhat overbought in the short-term, a sustained move below the 200-day MA would be required to question medium-term scope for further upside. American Express which has lagged both Visa and Mastercard over the last couple of years appears to be in the process of breaking out of its most recent range.