DBD Strategy Daily - WEAK FINANCIALS
Whatever we turn to is hesitant on markets today. After February sharp drop, US indices have simply been calming down, without establishing any new trend. This is a consolidation. Prices are now hovering roughly in the middle of the range. During that consolidation, we have had some sector rotation. The bounce was led by previous laggards, notably Oil stocks, where as previous leaders, such as Financials, suffered. For the time being though, we do not have clear sell signals on Banks. We have to favour the downside eventually because something important has been broken in the previous trend, but we still have to be patient.
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