The US banks have been performing strongly since late 2023 and are now testing their 2021 highs. Stocks in the sector are reporting strongly, and while the current move looks stretched, a Christmas rally-style move, around 5-10% higher is our preferred scenario.
- We like US banks around current levels, but the risk/reward ratio is unappealing, forcing us to adopt a neutral to cautiously bullish stance.
MM is cautiously bullish towards the US banking sector
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