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Even though this is the biggest earnings week of the year, this afternoon’s reports are dullsville. I mean, stocks like those below are fantastic if you bought them twenty years ago and haven’t sold a share, but let’s just say Thursday’s fireworks will be vastly more exciting.
I’m having another good day, in spite of the ES and NQ being green (and the NQ specifically being up nearly triple digits). There’s really one and only one reason for this: weak banks. For whatever reason, I am lassoed to bank stocks, even though they represent only a fraction of my holdings. As the intraday chart below shows, KBE is “catching down” to SPY (in black and blue, respectively, and appropriately):
It’s nice to wake up to a Russell which is actually a tiny bit red. We had a good hard down day yesterday, and naturally it fought back, but at the moment, all is well. My principal interest and concern is whether or not this is merely the third “bounce point” we’ve seen on the /RTY in recent weeks.