Stat of the Day: One more on why we like financials (our highest present conviction) right here...

Bloomberg's Chart of the Hour:

click to enlarge...

Earnings season is right around the corner and banks are looking cheap. The 18-member S&P 500 Banks Index -- which includes the first major U.S. lenders set to report next week, JPMorgan Chase & Co. and Citigroup Inc. -- is trading at about 12 times forward earnings. That compares with the broader market’s multiple of 17. Meanwhile, CFRA Research Investment Strategist Lindsey Bellnotes that analysts expect the industry to put up some big year-over-year numbers: 28.5 percent earnings-per-share growth for banks and 24.4 percent for diversified financials.