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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (18823)12/17/2004 9:13:59 AM
From: Crimson Ghost  Read Replies (1) of 116555
 
BCA says underweight bank stocks:


U.S. Banks: Time To Cash Out
08:57:00, December 17, 2004
Our U.S. Equity Sector Strategy service recommends that clients underweight U.S. banks in U.S.-dedicated equity portfolios.
The relative performance of bank stocks is breaking down; it has pierced its 40-week moving average and there is more downside ahead. The growth of mortgage demand is waning and refinancing activity remains subdued, while the persistent flattening in the yield curve is crunching net interest margins. Moreover, the change in the term structure of the yield curve warns that profit growth expectations will stay subdued. The Fed’s consistent message that it will keep hiking rates is also bearish. Accordingly, bank stocks remain vulnerable to further analyst downgrades.
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