Bank stocks just hit their highest level since 2007. Two traders on when to buy in

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Bank stocks just hit their highest level since 2007. Two traders on when to buy in (via TradingNation)

To make things more dire for investors, the 10-year yield is the most overbought it has been since 1994, the strategist warned.

"I currently believe that the Fed, even though they're talking about doubling down on being dovish on short-term rates, they're actually more hawkish on long-term rates because they're willing to let inflation run higher," Maley said."That means … rates will go higher over time, but the short-term technical picture is telling me they should pull back a little bit," he said. "So, I wouldn't jump back into these bank stocks at these levels.

When that pullback comes, three stocks will be particularly good opportunities, Nancy Tengler, Laffer Tengler Investments' chief investment officer, said in the same "Trading Nation" interview. "We went overweight [banks] in the … late summer and we really emphasized companies that had exposure to interest rates, but also had diversification in terms of noninterest income," Tengler said.

 

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