BAC - awaiting another rate hike

It was a very subdued start to the week, with Bank of America (BAC), settling u/c at $25.30. The financials have arguably already priced in this Wednesday's (near certain) rate hike of 25bps. First soft support is the 50dma, which will soon be in the low $24s. A year end close in the $30s is on the menu.


BAC, daily

BAC, monthly

Summary

Suffice to add... higher rates are bullish, especially for the financials.

Clearly, the market now believes int' rates will rise across this year, and probably much of 2018.

Of the many financials, I favour BAC, with JPM a somewhat close second.

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