Banks vs Utilities Holding Up

Updates coming from the previous "Banks Look Cheap vs Utilities" chart. For those who don't remember here are the flows we have been tracking:

Now it is clear US 10-year Yields are starting to withdraw again, although this time Banks vs Utilities are less affected. I have been talking with clients recently around this space and there is broadly no concern. Valuations in Banks remain supportive and as long as the trend remains in tact there is little to concern, however as we enter into a weaker than expected end of year outlook for US Equities I am updating the Outlook:

Outlooks changed from Buy to Neutral, any weakness in banks is actionable in my opinion.

As always keep the comments and questions coming, please like if the ideas are helping and any feedback is welcomed!