Even as we've seen bull highs in the major indexes in recent sessions, bank stocks have sold off notably. Insurance stocks ($KIX) as well remain below their 10/14 highs and, as noted in the earlier post, regional banks are bringing up the rear in relative performance year to date. Of the sectors that I track, the financial group is the only one not in a bullish short-term trending mode. The rebound in the financial sector heralded in the recent bull market; I'm watching to see if its relative weakness is an equal portent.
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1 comment:
I have been posting my concerns about this for weeks on my weekly 'sector watch,' but for daytrading purposes I've learned to just go with the flow. It will be interesting to see how long we can drift up without financials coming along for the ride, though.
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