Last week the JSE Financials were on the move but before jumping on the train a word of caution. If one looks back to 2015 we see a long distribution range that formed with investors getting out of South African financial stocks. The recent rise on the back of the covid drop is likely to only be a backup to this distribution range and not longer-term interest in the financials. Using SATRIX Fini as a proxy we see the volume has been declining since the upthrust (UT) that took place at the end of 2017 / beginning of 2018 highlighting the lack of interest. The relative strength to the Top40 is also declining. We are now spiking into the an area of previous high volume so it is rather time to watch and see what the reaction will be than just jumping in.