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Banks Fail To Rally Despite Strong Buybacks and Dividend Increases
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How ’bout them banks? Well, that was fun, wasn’t it?
Sorry folks the buybacks are not going to be enough to save them, not as the yield curve continues to flatten, and the 10-2 year spread around 30 bps.
We can see the only major bank that was up today was JP Morgan by only 13 bps, even BofA fell by 1.6 percent.
BofA may be on its way to $26.
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Let’s move, I’m tired of talking about the banks. You can learn more in my member’s area, I do a whole video on it. Don’t Celebrate Yet For The Banks
Gap filling is back in vogue, just look at the S&P 500 today. Gap up, fail at resistance, take ’em down by the close. Wow.
Sorry folks, Micron still can’t get over $54, perhaps that resistance level, is just a figment of my imagination, or there is really a seller there. I continue to think MU drifts toward $49 to $50.
But perhaps there is something positive developing in the chip sector because the SOXX ETF filled the gap at $176 and despite today’s give back, that support has held.
More this weekend, maybe even a prediction or two for the second half of the year.
That’s enough for a Friday on the last day of June.
-Mike
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future.
#sp500 #banks #JPMORGAN #BOFA #CITIGROUP #MICRON#chips
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