Jamie Shows His Hand:
On a YTD basis the overall financials judged by the XLF, have been subpar. It is one of 7 major S&P sectors in the red so far for 2023. The ETF is having a nice week heading into Thursday up 3.5%, but the fund has achieved just one 3-week winning streak this year. On its WEEKLY chart, it held support at the 200 WEEK SMA within the symmetrical triangle, now almost 2 years in duration. There have been some headlines within the group in late October that should have rattled it but for the time being it is holding up well. Druckenmiller stated how poorly Yellen has handled interest rates, and Jamie Dimon, one of the most respected CEOs in the game, said he would be selling some of his JPM holdings (these are valid points but are they already PRICED in? Now we know insiders buy for only one reason, but they sell for a multitude of them, and this seems like it is a case of diversification as he heads toward the age of 70. The chart of JPM below shows it could be putting in a bottom here. How ironic would that be just days after his announcement?