Now, what does it mean? Is it an ill-fated bounce or something more?
The Vampire Squid is typical of what I am seeing in many Financials/Banks. GS has taken out the SMA 50 and has resistance directly above but I’d say a pop to the SMA 200 is more likely.
The Pigs* are all breaking upward as if in support of the idea that the deflation scare is ending. Or maybe it’s just another ill-fated bounce as economic reopening hype spreads across the land.
It’s strange because the pop in the Pigs is out of whack with today’s drop in long-term yields and also because the Yield Curve is still in consolidation of its potential steepener. From CNBC.com:
*Lingo for the Banks.
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