Afternoon Note
The market in a holding pattern is more than we could have asked for twelve hours ago. But the move lower in bond yields is mostly from a flight to safety. If there is a sense that retaliations are over in the Middle East, we could see yields pop on Monday.
Meanwhile, there is serious profit-taking in growth names with a fair chunk rotating into Energy, Financial and Utilities (this is more than defensive).
Financials enjoying a solid session with surprise strength in regional banks.
The KBW Index is making a move here - need to see it get above 100.
Enjoy the weekend.
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