Rising Rates:
Traditional banks are loving this rising rate environment. It obviously helps the bottom line and below is the chart of the 10-year yield. The instrument is enjoying a 7-week winning streak and earnings in the space have been special to start. MTB jumped above a cup with handle pivot of 156.70 and retested it almost perfectly Thursday before reversing higher and CLOSING near intraday highs. IBKR rose 1.7% on Wednesday after reporting and it is quickly honing in on the round 80 number, and trading between that and the 60 figure which was support in July and September. MC is going for a 6-week winning streak with the last 5 all CLOSING in or at very close to the upper half of the WEEKLY range. WFC once the laughing stock of the banking community is now within very close proximity to a WEEKLY double bottom pivot just 2% from here. The diverse space is running on all cylinders. Buy what continues to work as we know trends tend to linger on longer than we think.