After consolidating from mid-December to mid-February, we’re now seeing US financials breakout again to the upside.
Using Goldman Sachs as a leading indicator to US financials, we form a view that it’s best to stay with the upside momentum until we see a downturn in price which takes-out the recent minor higher low at $245.
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Whilst we struggle to see the EPS support for US equity valuations, momentum remains very strong. March quarter earnings to be announced in 4 weeks may provide a reason for investor’s buying enthusiasm to pause.
