T-Note shorts comfort financials
|Financials (XLF) are down 22% so far this year, one of the worst performing sectors second to Energy (XLE). Financials report Q2 earnings this week, kicking off today with JP Morgan, WellsFargo, First Republic Bank and Citi. It’s worth noting that Smart Money Hedgers are heavily netshort the 10 Year T-Note which could offer some ground for the financial sector (XLF) and giveit the nudge it desperately needs to start heading north. Current bets on rising rates will also addfuel to this theory.
Earnings tomorrow (15/07/2020) Bank of New York Mellon, PNC Financial Services, USBancorp, Goldman Sachs Group. Wednesday 16th July starts with Bank of America, CharlesSchwab Corp, Truist Financial Corp and Morgan Stanley. And to close the week on Friday wehave Citizens Financial Group, Regions Financial Corp, Progressive Corp, BlackRock Inc andState Street Corp.
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