Ten years after the Bear Stearns bailout, banks are a very different investment and will continue to be profitable in an environment where rates are going higher and credit is being extended.

Markets will close slightly down this week for the second time in three weeks despite the fact we are seeing more constructive technical positioning and price action.

Bad news for the economy ( see Retail Sales and Housing ) was good news for markets this week. Next week we must confront the Fed and get over our anxiety that they are raising rates if it is indeed for the right reasons.

Have a great weekend.

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