Quiet trading day ahead of the French elections. We had a minor pullback today after a pop yesterday on decent earnings and recovery from an oversold condition.
Late in the day President Trump and Treasury Secretary Mnuchin presented an executive order to look at TLAC and SIFI status and rollback unneeded regulations on financial companies, but the XLF didn't respond positively, and even sold off a little into the close.
WAL reported decent earnings, with continued strong loan growth and returns. On a pullback we'd recommend adding to your positions.
Jeffrey Miller. Former KBW #1 II analyst, bank hedge fund manager, and top-performing mutual fund manager.