Those bank earnings were mind-boggling, and there is a chance these same banks will be able to put more cash to work when President-elect Trump dumps Basel III. Meanwhile, in the last quarter, the top four banks pocketed more than $100 billion in profits.

Never Settle

Making that Bank

Wall Street has spent much time and effort getting the general public to accept results that would never fly for their respective companies.

The question is, why should you settle?

I get that retail investors don’t have all the tools or an army of analysts, but there is no way Goldman’s (GS) trading desk is listening to the company’s analysts.

I’m not advocating taking risks you aren’t prepared for intellectually and emotionally. Still, I am saying ignore the Wall Street pitch of limited returns because they are going for 32% a quarter.

 Broadbased Rally

Although 2025 has begun unevenly, the rally is broadening.

Yesterday, banks dominated the top ten advancers list, but Elon finished on top. Wall Street’s hatred for Tesla (TSLA) intrigues it because the stock feeds off doubters.

Meanwhile, Micron Technology (MU) keeps getting love.

State of the Economy

The Empire State Manufacturing Fed Survey was another disaster. General business conditions swooned.

Arrows Pointing In Wrong Directions

Prices were higher and the workweek was shorter.

Today’s Session

Retail sales grew less than expected in December.

There were intriguing bright spots:

• Furniture
• Clothing
• Sporting goods
• Miscellaneous stores

Potential red flag:

• Food service and drinking place

Philly Fed Manufacturing report surged.  The headline is great news, but we are digging.

However, the spike in prices paid is very unsettling.

Watch my town hall special today on the New Gilded Age & McKinley Era Part 2, at 2 pm EST on Fox Business.

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