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With Stock Market In Rally Mode The Bank Sector Trades To New Highs

Author

Michael Swanson
October 17, 2024

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The banking sector made a new high yesterday, as you can see from the XLF ETF.

Several bank stocks have reported earnings in the past week and gotten a positive lift from that, but the stock market rally continuing is helping them more than anything else.

The market is still in a rally move.

I’m not really doing much at the moment, as I already own stuff, so I am not buying and I am not selling anything now either. I already have my positions and am waiting for some potential setups I am going to explain in WSW Pro only updates.

That makes it so I do not have much to say at the moment, so I am just doing one or two of these free updates a week.

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Top Financial News Of The Day

Eurozone interest rates could be cut today; UK won’t take HS2 phase 2 ‘back off the shelf’ – business live

Rolling coverage of the latest economic and financial news

www.theguardian.com/business/live/2024/oct/17/eurozone-interest-rates-ecb-cut-uber-explored-bid-expedia-super-app-business-live-news

U.S.-listed shares of TSMC rise 7% in premarket after quarterly profit soars on AI demand

TSMC, the world’s largest producer of advanced chips, posted a 54% hike in third-quarter profit.

www.cnbc.com/2024/10/17/tsmc-q3-earnings-profit-beats-expectations-as-ai-boom-drives-54percent-hike-.html

Gold price momentum continues as industry predicts 10% upside

Gold's strong momentum continued as US Treasury yields dropped to the lowest in a week.

www.mining.com/gold-price-momentum-continues-as-industry-predicts-10-additional-upside

United Airlines Unveils Stock Buyback As Labor Decries Aviation ‘Greedheads’

United Airlines announced a $1.5 billion stock buyback plan, underscoring a seeming return to an investor focus that had diminished in the pandemic.

www.forbes.com/sites/tedreed/2024/10/16/united-airlines-unveils-stock-buyback-as-labor-decries-greedheads

Airline stocks takeoff, United soars by over 9% post-earnings

United Airlines (UAL) leads the pack for airline stocks, taking off and cruising at an altitude of 9% higher Wednesday morning.

finance.yahoo.com/video/airline-stocks-takeoff-united-soars-161017706.html

Robinhood reveals new look, will start offering futures and index options trading

Robinhood's evolution from meme stock trading platform kicks into another gear.

finance.yahoo.com/news/robinhood-reveals-new-look-will-start-offering-futures-and-index-options-trading-223116254.html

The Most Splendid Housing Bubbles in America: Sept Update: Prices Drop in 26 of 28 Big Metros, even San Diego, Los Angeles | Wolf Street

wolfstreet.com/2024/10/15/the-most-splendid-housing-bubbles-in-america-sept-update-prices-drop-in-26-of-28-big-metros-even-san-diego-los-angeles

Crypto Carnival Barker Of The Day

Russell Brand Bitcoin guru is now flogging a 'magical amulet' that costs $240

Russell Brand is selling a “magical amulet” to protect from “evil energies” for $240 a piece and people are baffled.

www.indy100.com/celebrities/russell-brand-selling-magic-amulet-2669410631

Market Commentators

Our Top Stop Pick For October: Fitzroy Minerals (TSXV: FTX) - David Skarica

Our stock pick of the month for October is Fitzroy Minerals. This is a Copper gold explorer with a drill ready high grade Copper/gold project and…..

wallstreetwindow.com/2024/10/top-stop-pick-for-october-fitzroy-minerals-tsxv-ftx

Year End Forecast: Where Will Market Trends Head to Next » TheTechnicalTraders

Will the stock market continue to grind higher?

thetechnicaltraders.com/memberships/aff/go/wsw1ndow?i=753

Gold & Silver Miners Price Targets & Sell Signal Indicator

The upside targets in GDX, GDXJ and SILJ if Gold goes to $3000 and Silver to $35. Also, new highs indicator can help identify sell signals.https://youtu.be/...

thedailygold.com/gold-silver-miners-price-targets-sell-signal-indicator

Social Media Hell Hole

Rabbit hole of despair: The more content you consume, the worse mental health gets

Whether it's internet rabbit holes or endless social media interactions, a new poll finds the more time you spend obsessing over what's happening on your screen, the worse your mental health gets.

studyfinds.org/more-content-worse-mental-health-gets

And…..

I don’t own any bank stocks right now, but I do own this stock and it also hit a new 52-week high yesterday.

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