Anthony Scaramucci Sees Correlation Between XLF And S&P 500

Anthony Scaramucci said on CNBC's Fast Money that there is a correlation between S&P 500 and Financial Select Sector SPDR (ETF) XLF. He believes that uncertainty regarding financial regulation is a reason for this correlation. Scaramucci added that correlation won't end before two issues are resolved. The first issue is a fraud charge against Goldman Sachs GS, and the second issue is the impact of the financial regulation. Joe Terranova thinks that in this environment only Goldman Sachs (GS), Morgan Stanley (MS) and trusts banks like Northern Trust Corporation NTRS are making money.