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Banking 2023-09-01: +1 to "WEAK" strength rating (6th strongest of 9 levels), previous move was DOWN

Brian Degracia

• 1 min read
Banking 2023-09-01: +1 to "WEAK" strength rating (6th strongest of 9 levels), previous move was DOWN
Banking industry performance for the trading week ending 9/1/23 - all sub-industries strengthened by one level.

All sub-industries strengthened for the trading week ending 9/1/23, a big change from what was described as "... a terrible week for Banking" for the trading week ending 8/18/23. My review of that week is available here.

Note that this was the last week of summer so volume was light. Regardless of what they say, no one has any idea if this is a good or bad thing. With this week being a holiday-shortened week, it is possible not much will happen either way.

Foreign Regional and Money Center banks are ahead of the regional banks and the S&Ls. Foreign Regional banks finally stopped a 4-week slide.

Leaders and Laggards

Current strongest and weakest stocks are shown below. These are of most interest as the downtrodden are prone to large (if perhaps temporary) pops while the strongest have been leading the charge for their sub-industries.

The current ratio of Strongest to Weakest stocks is 17:46. This compares with ratios of 16:25, 23:3, 30:8, and16:92 as of 2023-07-12, 2023-07-21, 2023-08-04, and 2023-08-18. In short, there was significant improvement from 8/18 to 9/1 in terms of the dramatically smaller number of stocks rated Weakest.

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