To The Moon

On Thu, 29 Jun 2023 - US market continued its rally, all thanks to the following catalysts: US Q1 2023 GDP - 3rd estimates. US Weekly Jobless claims. Federal Reserves - Banks’ annual stress test. US Q1 2023 GDP - 3rd estimates Based on the 3rd estimate released by the Bureau of Economic Analysis (BEA), US Real gross domestic product (GDP) increased at an annual rate of 2.0% in Q1 2023. This third reading marked a “sharp” increase from the previous reading of 1.3%. The US economy is “a lot” stronger than Wall Street had thought. Good news right! The GDP revision is just one of many economic indicators coming in better than economists projected. US weekly jobless claims released yesterday was also a cause for celebration. Latest claim has fallen to 239,000 from last week’s 265,000 claims. Last week’s fallen claims is the most significant in almost 20 months, the latest sign of the economy's resilience. On Wed, 28 June 2023 at 4:30pm, the Federal Reserves announced that results from its annual bank stress test; with US top 23 financial institutions. For “Capital” (refer to above table), under the severely adverse scenario: Aggregate CET1 capital ratio is projected to decline from 12.4% at the start of the projection horizon to a minimum of 10.1% before rising to 10.7% at the end of nine quarters. Comparatively speaking, this year’s stress test results were a tad “better” than last year’s results. The 2.3% point aggregate decline (12.4 - 10.1) this year is smaller than the aggregate decline of 2.7% points. This indicates that banks are more “resilient” wrt CET1 capital ratio. Does this mean, Bank stocks are riped for picking again? On the surface it sure looks like it. Official data released so far shows that US economy is more resilient than Wall Street has expected. Inflation so far is falling albeit “slower” than what the Fed wanted. I think if today’s PCE data proved to be favourable, another round of mini-rally might be in the working? I will definitely be keeping a close watch of the following: $JPMorgan Chase(JPM)$ $Citigroup(C)$ $Zions(ZION)$ Do you think US market will continue to rally today? Do you think Bank stocks are riped for the picking? Please give a “LIKe”, “Share” & “Re-post” ok. Thanks. Rating is very important (to me). Thanks. Consider “Follow me” so that you get to read firsthand my daily new posts? Thanks! @Daily_Discussion @TigerPM @TigerStars @TigerEvents @Tiger_SG