I just wanted to send out a very quick note about the bank stocks this afternoon. I have turned bullish on the group...especially with the break-out in the KBE. However, for those who like to trade quite actively...and like to take profits after only a few days...they'll need to know that the bond market is not going to be giving the group any leadership tomorrow.
Tomorrow is Veteran's Day...and even though the stock market IS open, the bond market is closed. Therefore, those who have been thinking about taking some profits after the big moves in the bank stocks recently, you might want to avoid waiting until tomorrow.
I am NOT changing my view on the group AT ALL. I am still quite bullish...and I think anybody with a time horizon more than just a few days should hold onto their names. However, I do know that some people go in and out of positions after just a few days...and I wanted to make sure those people realized that the banks will not get any leadership from the bond market tomorrow.
That certainly does not mean the banks will fall tomorrow. They could easily rally further. It's just that since they've seen such a strong rally over such a short period of time, they might take a breather tomorrow while the bond market is closed.