When the POTUS tells oil companies how to price their gas, that is a sign the public is feeling the pinch. High costs of groceries and other staples are spread across the headlines. But there is one sector that is getting less attention even though the costs are jumping.
With interest rates rapidly climbing, the cost of money is getting painful. Painful for the borrowers, that is. The lenders have the opportunity to ride the wave. As financial institutions see their income rise on each dollar lent, their stocks are something to keep an eye on. Of course rising rates mean their cost to access money gets higher too. Let's see what the charts tell us:
There is a very interesting signal starting to develop. Over the last week or so we can see support starting to form in XLF, the ETF that tracks the financial sector. What is really important is that we are starting to see the MACD curl up and begin to close a wide gap. If you look back at the two times it has done that recently, it had launched some nice rallies.
XLF is definitely one to keep an eye on to see if it can use this footing to make a nice run. Andy Chambers uses a simple set of indicators like this to spot great potential trades and then uses an approach that consistently turns them into big wins. Check out how he does it here.
Keep learning and trade wisely,
John Boyer
Editor
Market Wealth Daily
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