US equities are at all time highs, but this is largely driven by bluechip tech stocks (AAPL, MSFT, GOOG etc...), which indicates investors are still cautious going for the safe bets or passive index investing.
Further improvement in sentiment should support deep value plays such as regional banks. Rising yields should also benefit the financial sector.
Technically, the ETF breached key resistance around 48 on heavy volume. This zone becomes a major support and limits the downside. Currenty trading at $50 presents an attractive risk/reward. Regional banks are also near the long term low in relative strength vs the SP500, which again indicates limited downside from current levels. In terms of target aim for teh 2018 high at $55, and higher.
Further improvement in sentiment should support deep value plays such as regional banks. Rising yields should also benefit the financial sector.
Technically, the ETF breached key resistance around 48 on heavy volume. This zone becomes a major support and limits the downside. Currenty trading at $50 presents an attractive risk/reward. Regional banks are also near the long term low in relative strength vs the SP500, which again indicates limited downside from current levels. In terms of target aim for teh 2018 high at $55, and higher.
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