DBD Strategy Daily - Will the Italian budget crisis spread to US Banks?
As warned last week, the Italian crisis is not over. The contagion to indices is not clear. The only sector that is really suffering is the Banking sector. One important difference between the European bearish trend that developed earlier in 2018 and today is that US banks are slowly joining in. Bank of America has closed twice below a short-term support, it is an important element of the sector. Watch JP Morgan. If it breaks too, it will confirm that the sector joins into the European correction.
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