With increased chatter about another rate hike, the financials are catching renewed interest. Bank of America (BAC) settled significantly higher for a second day, +2.8% @ $24.06, the best level since Oct'2008. Next big target remains the 25/26s.. with the low $30s now viable by year end.
Seen on the giant monthly cycle, we can see just how critically important last November was for BAC, and most other financial stocks. An absolutely decisive breakout of a trading range that extended back to late 2008.
Considering we've now seen the $24s.. and its only Feb', the 25/26s are clearly viable this spring.
If you believe - as I do, that we'll see three rate hikes this year, then the financials are going to lead the charge higher across the year. BAC to the $30 threshold by year end is a VERY valid target.