I believe the large share repurchases are especially important for the financial sector. While its bullish for any sector when a large amount of the shares are being repurchased, it might be even more so for the financials. The reason being because managers are underweight financials. If they start to outperform it will put a lot of pressure on managers to get them back to an equal weight rating. Its almost as if they are short them.
From a fundamental perspective I am not a fan of the financials. I don't know how to value them. This is a pure trade and the size will remain small.