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Momentum Monday – Are Financials Ready To Lead?

Published 07/15/2019, 12:04 AM
Updated 07/09/2023, 06:31 AM

The large-cap stock indexes, SPY (NYSE:SPY) and QQQ (NASDAQ:QQQ) keep making new all-time highs. The small-caps are laughing behind but IWM (NYSE:IWM) is certainly looking for constructive above its rising 20 and 50-day moving average.

With the exception of China and biotech, all sectors are looking strong and breaking higher – consumer discretionary, financials, transportation, tech, gold, etc. Strong market breadth coupled with rising long-term inflation expectations and a Fed willing to cut short-term interest rates is a bullish combination.

The new earnings season kicks off tomorrow. Financials are typically first to report. Many of them have already started to break higher in expectations of strong results.

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