There is always a squeeze somewhere

Squeezy banks

The crowd hates banks. Late last week we showed just how depressed the banks long is these days (here). The BKX closed at the highest levels since March 13 today. Note we are above the 100 day moving average. 200 day is at 94. JPM's trading desk adds: "There is a lot of negativity wrt banks (reflected in extreme positioning: net exposure at multi year lows, per PB data on the Street)...which is why you're getting these big moves." We (TME) continue to like short term optionality in this sector (outlined here).