A breakout in some of the largest financial companies in the US could be an indication of things to come for the overall stock market.
The NYSE Broker-Dealer Index recently rallied to a six-year high led by the big players, and is up more than two percentage points over the past week. While the overall stock market has been hitting new highs on a consistent basis, the broker-dealers have been lagging until the recent move.
The market, generally speaking, is experiencing sector rotation as money flows from other sectors that have been deemed as overvalued into lagging sectors. The broker-dealers typically lead a market rally, and with the space now breaking out, it could be the start of yet another big ...
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