04Sep3:00 pmEST

Bears Lacking Direction as Rotation Game Persists

The major averages are well off session lows as I write this, as extended leaders like AAPL AMZN SQ defy gravity and push higher yet. To be clear, all three of those name will indeed correct at some point. But as we have been reminding Members, the timing of it is uniquely difficult and we are probably better served to focus on sector rotations beyond a few extended leaders.

With this in mind, one of the rotations du jour can be found in financials. The regional banks, housed in the KRE ETF, seem to be responding favorably to a recent, light pullback to all moving averages, seen on the daily chart, below. That $63 level is acting as support, and if bulls can push over $64 we could see some impressive action in a variety of individual regional banks setting up nicely at the moment.  

Nike Without the Noise Stock Market Recap 09/04/18 ...

 
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