All International Banks Not Created Equal:

Domestic banks here have been acting very well, and it has given the financial sector, via the XLF, a healthy YTD return of 16%. That puts it behind only energy, and the XLF is doubling the gain of the communication services space, which is the third best major S&P sector in 2021. Banks around the world seem to be acting in tandem, with even names like DB breaking out. It recorded its first 5 week winning streak in years last week, and the round 10 number was instrumental as it was resistance through most of last summer. And it held firm when retested about a month ago. Canadian banks are flourishing with BNS TD and BMO all breaking above bull flags. In India HDB and IBN have charts that look attractive. When other regions are looked at and the charts look heavy, one should proceed with caution. Below is the chart of CIB, a former best of breed name from Colombia. It now trades 27% off most recent 52 week highs.

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