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....
Just notice now that the Regional Banks ETF - KBE - tested a daily supply level. Spite the fact we did not catch the entry "at time" the trade still offers +2 RR for shorts.