DBD Strategy Daily - BANKS : when weak stocks lead...
Yesterday, we commented on the banking sector tactical situation. One of the reasons why we are not enthusiastic about this opportunity is that the bounce has been led by historically weak banks (Deutsche Bank for example), while the strongest banks (BNP for example) were very hesitant. A rally is all the more sustainable that its strongest elements are bullish. When rotation takes place between weak and strong stocks, it can be a distribution period in disguise. We can see the price opportunity, but as always in Europe, the intrinsic quality of the evolution is a disappointment.
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