Whilst the main market saw broad gains, there was similar strength in financials, with Bank of America (BAC), settling +0.3% @ $15.84, the best level since early January. The $18 threshold remains critical, as its held as resistance for the better part of three years.
A fifth consecutive net daily gain for BAC, as the market is trying to re-price ahead of an increasingly anticipated second rate hike.
To be clear, I do not expect a hike ahead of the US election. Instead, a rate hike of 25bps at the FOMC of Dec'21st looks probable.
From a pure price perspective, $18 remains the critical threshold. Any monthly close >$18 would bode for much higher levels in 2017.
*BAC remains my most favoured financial stock within the Dow'30.