“We are all agreed that your theory is crazy. The question which divides us is whether it is crazy enough to have a chance of being correct. My own feeling is that it is not crazy enough.”
― Niels Bohr
Click on any chart to engorge it
Click on any chart to engorge it
Bank Sentiment Update
Here's an update from our note from November 10 on bullish sentiment re: bank stocks. At around 60% bullish, this indicator has finally broken out of a 15 month downtrend. Notice how cyclical the chart has been during that time, compared to the insane swings of the previous two years. The bank stock index is still range bound for now, but 15% off recent lows, and the tightening Bollinger bands are forecasting a big move soon in sentiment. Can positive year end economic numbers give the banks a boost? We're not betting on it.