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XLF
Jun 14, 2023 16:13:39 GMT
Post by uncleharley on Jun 14, 2023 16:13:39 GMT
The financial Sector as represented by XLFs daily chart indicates it is testing for a new recent high. Is the Banking Crisis over???
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Post by Capital on Jun 14, 2023 19:29:57 GMT
uncleharley , I'm not sure that the FED has decided to let them declare victory yet.
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Post by steadyeddy on Jun 14, 2023 19:45:10 GMT
I do not think banking crisis is over since MM rates are substantially higher than what big banks pay for deposits. In fact, BofA CEO made a comment that he would be willing to entertain FDIC-backed bank deals (which implies to me that he anticipates more dominos to fall).
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Post by Capital on Jun 14, 2023 19:54:53 GMT
I do not think banking crisis is over since MM rates are substantially higher than what big banks pay for deposits. In fact, BofA CEO made a comment that he would be willing to entertain FDIC-backed bank deals (which implies to me that he anticipates more dominos to fall). What I heard the FED say to me today was to take this quick breath; because, the pain will continue soon.
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XLF
Jun 14, 2023 20:11:10 GMT
Post by uncleharley on Jun 14, 2023 20:11:10 GMT
FWIW; The intraday chart for XLF indicates that the financials sold of beginning at about 2 PM edt. That shortly after someone at the fed said that we have more interest rate increase to come later this year. XLF did recover from the jawboning but closed the day below the hoped for new recent high.
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XLF
Jun 16, 2023 1:50:40 GMT
Post by uncleharley on Jun 16, 2023 1:50:40 GMT
Well, XLF made its break above resistance.
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