Today's 3.3% GDP number is a very positive sign for financials going into the year end. Bank of America (NYSE:BAC) is surging this morning past the $28 level, up 2%, with the $30 level in the crosshairs.
The Fed is expected to raise interest rates in December, with many forecasting 3-4 rate increases for 2018.
Money rotating out of Tech
Money is rotating into financials, as evidenced by the tech sell-off happening today.
Many of the high-flying tech stocks are experiencing profit-taking today. Amazon (NSDQ:AMZN) is down $30 this morning after a huge Cyber Monday testing investors' will to hang on to a stock at an all-time high.