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Should We All Give Thanks For Regional Banks?

Today at 5 PM EST on Mish’s Market Minute Daily Facebook page live, I introduced Prodigal Son, Regional Banks.

I began with a joke about a stock broker and a minister. Both show up at the Pearly Gates.

The stock broker gets a silk robe and golden staff, the minister a cotton robe and wooden staff.

When the minister asks why, St. Peter says, “While you preached, people slept. But while he invested, people prayed!”

Hence, Regional Banks earns the label Prodigal Son.

KRE, his ETF symbol, has periods of wastefulness coupled with periods of high productivity.

Regional Banks is a key sibling in the Modern Family because he measures the health of the U.S. Regional Banks, where many local folks put their money.

Today, KRE got a boost.

Were investor’s prayers answered?

In the cartoon, KRE, the Prodigal Son stands in his office at a Regional Bank. He tends to be Bullish on America.

He leans on his desk for support. He’s always ready to ask for forgiveness just in case he cannot do right by his customers.

His cat (or one might say KRE’s alter ego), on the other hand, has unabashed confidence that whatever the Regional Banks do is always the right thing at the right time.

KRE is a reliable indicator of...