The Jon Sanchez Show
07/12- Changes you should be making in your portfolio
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Let's get down to market moving type of stuff. Those two events the inflationary data the CPI yesterday the PPI today of course Jerome Powell's congressional testimony Tuesday and Wednesday all dominated our headlines dominated the trading environment as we like to say. But you know what if we look back over this last week the market is telling us something it's telling us something completely different compared to let's say last Friday or just last week in general. And I'm gonna highlight for you tonight what these changes are. Because you got a taste of it yesterday. But then no taste of it today. So you'll understand what I'm talking about here in just a moment. Let's get down to today's trading action because this is really the forefront of what we're talking about. But before I do that I need to set the table for you. I need to go back to yesterday. Okay. If you recall if you listened to the show if you checked your brokerage statements wherever you get your financial news. You know that yesterday was a tough day. Yesterday we had the the NASDAQ plummeting right it was a disaster of a day. Everyone was scratching their head going what in the heck happened to create that 364 point loss on the NASDAQ just out of the blue. Even though we've warned you we've said it many times. You have to be very careful when the NASDAQ S&P etc. are setting records day after day. And I'm gonna sound like a broken record and I apologize but I know of no other way to say this. You wake up one day and the traders the algorithms etc. I'm done with tech. And they sell it off. That's exactly what yesterday was. Yesterday by the way it was a bit of a terrifying day. I mean when the NASDAQ plummets 364 points even though again you know at that point it was still up 21.8% for the year. Okay you got to take it with a grain of salt. But as I emphasized on the show last night with Aaron and with Dwight. One day does not be you know signify a trend by any means. Now if you had one two five any more days than that of the NASDAQ plummeting. All right we may have problems. But thank goodness that didn't happen today. But yet yesterday was almost a day where it was a warning shot across the bow as the same goes. That this market is susceptible to big sell-offs in a very abrupt manner but most importantly for absolutely no reasons. And there really wasn't any reasons yesterday. That is unless you fell victim to the CPI number. You see yesterday was really the catalyst of inflation. Or should I say lack thereof. Because remember yesterday we actually went down in CPI compared to the previous month. As you're going to learn here in a moment we went up in inflation on the wholesale side today with the release of the PPI data. Okay so follow me here let's go to yesterday again what we got to build up to today and then what this market is kind of telling us at this point. So I'll go back even a month further on CPI. Remember April to May inflation was unchanged big fat goose egg as I like to say. Then on Wednesday we got or excuse me on Thursday we got the June CPI data. And it declined one tenth of a percent. How will you. Nice surprise there. Nice seeing a negative number when you have the letters CPI in the same sentence. That was a beautiful thing. Core CPI that's where we strip out food and energy. Again month of May April to May it was up two tenths of a percent. Yesterday Core CPI for the month of June up only one tenth of a percent. Victory. But what happened. Why did the NASDAQ sell off so significantly yesterday with a 364 point decline. Okay hold that question. Let's fast forward to today. Now there was a lot of concern because usually CPI and PPI move pretty similar in action. I mean usually it's almost identical numbers. But this morning we had the release of PPI. Once again this is the measure of inflation on the wholesale side. Completely different story. You see what happened with what we learned was first of all when we got the release of the data at 530 this morning they revised the April to May's number. The original number on PPI was April to May down two tenths of a percent. However this morning with the release of the June data they did a look back and said no we were wrong on that. April to May really wasn't a two tenths of a percent decline. It was actually unchanged. A little bit hotter than the first look at it right. Core CPI. Same time or excuse me core PPI. Same type of thing. April to May they revised it up three tenths of a percent this morning from the original unchanged mark. Then we get June's data today up four tenths of a percent. So let me let me recap these one time or one more time because that there's real important that you follow me on this. So again PPI April to May originally it was down two tenths of a percent they revised it today to unchanged. So in other words it got a little bit hotter. And then from May to June we shot up two tenths of a percent. Core PPI again originally they told us April to May unchanged. Today they revised it up three tenths of a percent and for the month of June up four tenths of a percent. So no matter how you slice it the wholesale level of inflation that we learned about today with PPI was hotter than expected. So wait a minute here. Logic says higher inflation i.e. today's PPI data means the Fed is going to be higher for longer. And what happens today? The market rallies. The Dow, the Nasdaq, the S&P, they all rallied. Didn't wipe out all the gains of the Nasdaq loss yesterday or the the well definitely the Dow we wiped it out. But Nasdaq we still needed about another 200 plus points to wipe out yesterday's loss. But wait a minute how do the expected CPI the market should have gone or PPI the market should have gone down today. Yesterday cooler than expected CPI retail level of inflation and the market falls apart. So what in the world is going on? These are the changes that we are telling you about that are beginning to unfold beneath our eyes that we want to make you aware of. Again I want to emphasize this is we've had you know basically two days of very very strange trading action. So no trend is developing yet. But I want you to go into this weekend hearing what I'm about to say and then thinking about this in your portfolio as you go forward. Okay so we need to go back to yesterday. Once again cooler than expected the market falls apart. Why? Okay so here is the logic. Excuse me. Here's the logic yesterday. Yesterday we saw a big rotation. We saw the sell-off of the major tech names the apples the Googles the Microsofts the Metas apple you know right on down the line. Tesla had a disaster state not because of the market but because they delayed the release of some various products and things like that. So you know the robo taxi specifically. So we'll throw them out as an outlier. But we sell off yesterday and a day where inflation is coming down. Why? Because the algorithms then took this the hedge funds then took that data went hey wait a minute here. Inflation is cooling. So we need to be in names that benefit a cooling inflationary environment. So yesterday we saw for example the real estate sector just shoot up. Carried forward pretty good today. Yesterday we saw the small cap the Russell 2000 again on a day where where the Nasdaq was again down 364 kind of flat on the S&P and on the Dow. But we saw the Russell 2000 shoot up over 3%. Those are your young up and coming companies that need to go borrow money. So investors again on the institutional side said cooling inflation yesterday. Let's dump technology. We've made a lot of money in it year to day and let's begin to buy some of these value areas as we like to say. Area sectors etc. of the market that have been beaten up and is higher than expected real in interest rate environment. And so that rotation occurred yesterday. And once again as I said on the show last night we don't know it's way too soon. We don't know if this is the beginning of a trend or just a one-day phenomenon. Okay. So now you understand what happened yesterday. Now today we rally 247 on the Dow. We rally 115 on the Nasdaq. We rally 31 on the S&P 500. On a day where wholesale inflation was much hotter. On top of the revisions also much harder than what we anticipated. But yet the market rallies. Guess what? All those tech names I got beaten up yesterday then the videos apples everything I told you about. Most of them were up today. The video up two dollars and forty nine cents almost a two percent gain. Apple up two dollars and eighty six cents one point two six percent. Tesla up seven dollars and sixty five cents on and on and on. So what happened today? Why would the market go up when we get hotter than expected inflation. Because they did just the opposite of yesterday. They came out of the areas that they went into yesterday and back into the areas that everybody was in on Wednesday. So the bottom line is this is not human beings making these decisions. This is a prime example of the algorithms. Whether you're talking the hedge fund world, institutional portfolio management, whatever the case is. These were the algorithms that were triggered yesterday by the cooler than expected CPI. Triggered today by the hotter than expected. PPI number. And so we kind of end up neutralized. But what you need to be thinking about now in your portfolio is what happens? Where are we right now? Right now we're on the middle of the fence. But as I'll share with you when we come back from the break. The economy is cooling down. Wait till I share with you what the consumer confidence number said today. You'll understand what I'm talking about. All right. Continue to lay out what the heck is this market telling us right now. But first let's find out what the heck are the highways telling us nobody better than Kristin Snow to give us that answer. Hey, Kristin, happy Friday. Once again, pretty strong day today. Finished up 247 on the Dow 0.62% with our close right at 40,000. Man, that's so unusual to close right on the major number 40,000 exactly. A 115 gain on the NASDAQ 0.63%. Close it at 18,398. 31 point rise on the S&P 500.55% finished the day of 5,615. On the commodity side, we lost a half a percent on oil 82 19 a barrel. Turned out to be a quiet day for gold. That's a volatility this morning. But when it was all settled out, didn't move much just a dollar 20 pullback at 2004, 20, 70 an ounce. And we finished with a big goose egg on the 10 year treasury and changed at a yield of 4.19%. But on the weekly basis, we lost eight basis points on that yield. Oh, yeah. Feels good. As Dwight mentioned last night, that 30 year mortgage coming down very nice. And let me real quickly see where we finished out today after that. There we go. A little bit more decline. Yesterday was a 6.85% national average, according to mortgage news daily on a 30 year mortgage. We're now at 6.82 down three basis points today. So there we go. Nice numbers there. I think we're going to see some pretty good numbers on the mortgage applications next week. Alright, now let's get back to tonight's topic. Things are changing in this market unfolding before our eye. So if you just join us once again, yesterday we had hotter or student cooler than expected CPI retail inflation. Today we had hotter than expected PPI or wholesale inflation. So yesterday showing signs of inflation cooling market falls apart. Today shows inflation increasing market rises. Now today could have been very much of a short cover rally too. And that's what I mean. When we have these massive swings like yesterday and modest swings today, it's all speculation on everybody that manages money like myself. It's all speculation on our part because, you know, picture what we have to do, right? Our job is like putting the pieces of a puzzle together. We have to take each piece of data that we receive. The PPI, the CPI, the retail sales, the construction, the pending construction or pending home sales, all of these data pieces you hear me talk about every night on the show. We've got to take each one of those pieces, put them together, try to make the puzzle into a picture and then make our very best assumption and decisions for our clients and, you know, whose wealth they have entrusted us with. So again, you can't make a final decision just in one day. And we said that yesterday, don't make any major decisions. Same thing today. We get a nice little rally, don't make any major decisions. But as I mentioned before, I went to break. I do want to emphasize this point. This is for sure. Everybody agrees upon this. And that is the consumer, you and I, we are slowing our spending habits. Now, the latest bit of data that we receive was the second report after the PPI this morning at 5.30 at 7 a.m. we received the University of Michigan consumer sentiment number. Now, we usually don't spend a lot of time talking about this number because unless it's a big mover, you know, no big deal. Well, today was a big move. And so we are going to talk about it. Now, if you're not familiar with the University of Michigan consumer sentiment number, you get two readings. Again, today was preliminary. We'll get the final reading in about two weeks, two Fridays from now. But when I was researching the data today, I stumbled upon something that I was not aware of because again, we don't pay real close attention to it unless it's a major miss or beat. And like I said, today was a big miss. But anyways, what this report is, University of Michigan, they do a survey minimum of 500 households. I've heard as high as 5,000 will they'll get a hold of. But they're asking you as a consumer, how are you feeling about things? How are you feeling about your job, your spending habits, the stock market, the economy, all these things that that gives Wall Street an idea of how you're feeling about the economy. Well, today's feeling that, that, that, that, that, that came out of the survey. It wasn't good. Let me start with the number first. Okay. Now, there's real no magic benchmark. Like, Oh, if we hit 80, it shows the consumers extremely bullish. Or if we hit 30, it shows the consumers very bearish. There's nothing like that. Generally, you want to kind of stay 60 to 80, 60 to 90 on this reading. Okay. So that's all you really need to understand about that. So here comes the number at seven o'clock this morning, reading dropped to 64.1. For again, this is July's number now 60, or excuse me, June's number, reading dropped to 64.1 from the previous month's reading of 65.9. Hmm. Okay. So pretty simple. Consumer not feeling quite as confident currently as they were in the past. But here's a little stat for you. A year ago, the reading was 76.5. That is significant, folks, to go from 76.5 really up in that strong bullish area of the report, all the way down to 64.1. So then I dug a little bit further and I went, okay, let me see where this trend started. So I went back to I started at March. Okay, started at March. I said, all right, where's this data? Where were we at that point? So in March, the reading came in at 79.4. Super strong feelings by the consumer. Okay, we go to April, drops to 77.2. Now, remember, April was a very tough month in the stock market. And boy, was that reflected come May, reading dropped from 77.2 in April, down to 69.1 in May, June, a little bit lower than May, reading came in at 68.2. And now, again, for the month of July, the reading of the preliminary reading came in at 66. So you see a trend, smart 79.4, then we go to 77 to 69.1, 68 to 66. That's not the direction we want this to go. So this is another piece of data that I've shared with you over the last few weeks that Jason and I share with you. That shows once again, that the consumer is beginning to weaken. You are not as confident. And as I joke with Ross Mitchell this morning, when I was doing the stock updates, after this report came in, I said, look at Russ, throw out all of the polls that the Democrats have, all of the polls that the Republicans have, and really get down to the dollars and cents. And this is why Biden and the Democrats are having such a difficult time right now, because you as the consumer are feeling nowhere near as confident as you were a year ago, and pick your poison. Why? Higher inflation, job growth at some, or job wage growth at somewhat stagnant, rising unemployment. I mean, all of these things come together and make you feel not quite as confident. So why does Wall Street care about this? Because you and I represents two thirds of economic spending. If we come out week in this report and we're not, you know, spending and we're not feeling confident, guess what? We're not going to go spend. If we don't spend, corporate earnings aren't going to be as good. Corporate earnings are not as good. Stock price comes down. Stock market comes down. It's really that simple. That's kind of the chain reaction. And that's why this report is so, so very important. So to kind of summarize everything, hotter than expected number today, cooler than expected number yesterday. So we kind of watched those two out, and then we focus on University of Michigan. And again, there was no real reason today for this market to rise. So I'm going to conclude by saying, why did we gain 247 on the Dow of 115 on the NASDAQ and a 31 point rise in the S&P? Pretty simple. Today was a short cover rally. That's all it was. Yesterday, shorts got squeezed. They had to get in or get out real quick. That's what caused the accelerated selling in the NASDAQ. Today they went, Oh, things are starting to reverse a little bit. Short cover rally had to come in and buy the stocks back. Kind of nibbled at them just a bit to be honest with you. It wasn't obviously a huge day, but they're just being being banged around both directions based upon the PPI data and the CPI data. So now we have a good feel for inflation. Now, when we come back, I want to spend some time talking about the other big event of this week, which again kind of influences your portfolio, which is, what did our dear friend Jerome Powell, the head of the Fed have to say in his semi-angel testimony this week. Let's turn it over to Jackie's got news traffic and weather. Hey, Jack. Stocks 780 kilo. It's pretty decent day today finished up to 47 on the Dow 0.62%. NASDAQ rose 115.63% and a 31 point gain on the S&P 500.55%. Let me hit the weekly numbers. Believe it or not, after even after yesterday's big sell off, we managed to finish in the green for all major averages. But our star performer back to my subject tonight, the rotation that's going on underneath our nose. Listen to this, the Russell 2000 index higher by 6.09% for the week. Pretty amazing. 6.09%. S&P for the week was up 0.63%. The Dow rose 1.18 and the NASDAQ, believe it or not, was our laggard with only a 7/10 of a percent increase. So there's that rotation I was talking about. Hey, quick reminder though, before I get back to talking about the other events of the week, which of course we're going to focus on Jerome Powell. Just a quick reminder, don't forget if you missed any of our shows this week, go to your favorite podcast distributor, download the John Sanchez show. We're on iTunes and Spotify, et cetera. Some of the things you missed this week, of course, is we started things off. Jason and I on Monday, we talked about who needs an estate plan. Well, so many things to talk about. We didn't even get a chance to finish it. So on Wednesday, the 10th, we finished that up in part two. But on Tuesday, we had the boys on, of course, and we went through all the northern of that as June housing data. And then yesterday, we discussed back to the real estate side with Aaron and Dwight, how to use technology to sell your home. So a lot of great topics this week. So we'd love for you to go to your favorite site. As I said, download the John Sanchez show. Tell all your friends about it. Forward it. Do everything you can. Do help us continue to build our podcasting audience. All right. Now let's go to Mr. Powell. So to refresh your memory, we go back to Wednesday and third, or excuse me, Tuesday and Wednesday, by the weeks, just all the days blend together. Tuesday, Mr. Powell testified in front of the house Wednesday. He testifies in front of this Senate. This is what we used to call the old Humphrey Hawkins testimony for those of you that have been around for a while like myself. But now it's just called the the semi-annual testimony. But this is a chance for Mr. Powell to tell the congressional committee members what he and the Fed see going on in the economy and so on so forth. Nothing real earth shattering came out of either days of testimony. But I did want to hit just a few of the things that Mr. Powell did touch on. Again, in case you missed it, so that you kind of have an idea where the Fed is is leaning at this point. So one of the comments I thought was very interesting from Mr. Powell. This occurred on the ninth. He said, look at the US quote is no longer an overheated economy with a job market that has cooled from its pandemic era extremes. And in many ways is back to where it was before the health crisis. So that's what he said the other day that suggested of course the case for interest rate cuts to become a very strong case. Quote, we are well aware that now we face a two-sided risk and can no longer focus solely on inflation. This is what he told the Senate banking committee. He said the labor market appears to be fully back in balance. Well, again, labor markets weakening. Powell told lawmakers that he did not want to be sending any signals about the timing of any future actions on interest rates. The stance of course consistent with his recent comments to focus more attention on economic data or incoming economic data. But still the big controversy with a November November 5th presidential election on the horizon. Just two scheduled Fed meetings before the election. Powell was quizzed by Democrats about the risk to the job market of not cutting rates soon. And by the Republicans about the pain to households as I mentioned, that inflation remains well about the central bank's two percent target. Senator Kevin Kramer, Republican from North Dakota, said to Powell, any move lower in rates before November 5th would be a bad perception. And then of course he went on to give us pledge for support of the central bank. And this is going to be one of the big dilemmas. Now, after yesterday's data, the CPI, I did not get a chance to see. I don't know if they updated it or I didn't get a chance to see it. I know they updated it. One of my saying, the CBOE's FedWatch tool to give us again the indication of what the probability is of that quarter percent interest rate cut that the street is expecting come September. Well, yesterday with the data that we received, it shot up from I think it was like 74 75 shot up to about a 92% probability that we're going to get a quarter percent cut. That folks that when I in my experience, whenever you see that number at that strong, it's a pretty good likelihood we're going to get that Fed cut. So things can change. Of course, we still have a quite a few weeks until the next Fed meeting. But boy, you know, if we don't get any strains outlying type of data, then we should definitely see that becoming a fruition, that first quarter percent cut. But as many say, and as the Senator Kevin Kramer said, as I just read a moment ago, look, you got to be careful, Mr. Powell, you start doing interest rate cuts before the November election. Guess what? You're going to be viewed as favoring the Democrats. But as Powell always responds, look at where a political we don't pay any attention to that and so on so forth. And again, the Fed remains independent. So the bottom line, I guess that we can summarize all of his testimony. Both days is really was more of the same, that a dependent labor market cooling a little bit, consumers still doing okay, consumer weakening a little bit. I mean, that was really the major takeaways of it. So, you know, that's why the market really didn't move on it. Like I said, we, we had even a better week, of course, we didn't have to sell off yesterday in the NASDAQ side of things. Now we must focus on the next event that's unfolding before our eyes. And that, of course, is earning season. So today is quote the official kickoff of earning season. And that's always starts with Wells Fargo, city group, JP Morgan, Fastnell, etc. So we got those earnings reports this morning. And let me tell you, they were not good. JP Morgan, they beat by 24 cents. They beat on the revenue side of things, but the stock finished down $2.57, 1.24% loss to 2.0 4.88, not the greatest guidance. Wells Fargo, they beat by 4 cents, beat on revenue. Their interest income, they predicted it's going to fall dramatically in the next quarter. Now, interest income, if you're not familiar with that term, this is a big money-making area for the bank, of course, because that's the difference that they get to pocket of what they pay us as for a deposit versus what they lend that out. Now, we're talking seven, eight billion dollars, if I remember right on Wells Fargo, but again, they're predicting that number to come down. And we've heard that with a few of the major financials that have released. Other big financial release this morning, BK, of course, BNY, Bank of New York Mellon, they beat by nine cents, beat on revenue. So looking back, of course, these quarterly numbers, they did pretty good. But remember, it's all about the guidance. Now, we go to, let's see, so we had JP Morgan, Wells Fargo, like I said, down $3.56. Now, the other big news of the day was AT&T, they provided a cybersecurity update, they came out and said, oh, by the way, in 2022, just about every AT&T customer had their data hacked. They're just telling us about that now. But it's not supposed to have any material impact on their financial conditions. Gee, thanks so much, guys. Really appreciate that. But now we're in the beginning of earnings season, right? So now, all of our attention, we've got inflationary data behind us. Now, what we need to worry about is earnings. How are these earnings numbers going to be? Well, this appears to be, I was looking at some internal data, this appears to be a quarter where the expectation is dramatically lower of what a company is going to report than where it was a year ago. Now, if you're new to this Wall Street game, let me share with you a little insight. This is a game that analysts play when it comes to earnings season. Here's how it works. They want you to focus on how the company did for the last quarter. In other words, the release numbers, like in JP Morgan's case, Wells Fargo's case, the earnings numbers of this last quarter. But if you're really doing your homework, what you really should be doing is looking back and say, "Okay, I need to see," here's that term again, "I need to see a trend." Are earnings numbers increasing or decreasing? Earnings per share I'm talking about, year over year, right? That really gives us a true picture of how the company is doing. Well, so I'll share with you when we come back from this break. The answer is not too well. I'll tell you what I mean when I come back. First, Kristin Snow, she's going to wrap us up in the right now, traffic center. Hey, Kristin. Welcome back to the John Sanchez Showing News Talk 780K, which I wish all of you a great weekend. All right, we're talking about earnings season, the next major issue that we're dealing with on Wall Street. And that, of course, officially kicked off today. Like I said, we had Wells Fargo and JP Morgan and BK Bank of New York, Mellon, City Group, etc. But what I want to talk to you about a bit is not so much, of course, with the company reported for the quarter, right? Everybody looks at that. But more importantly, A, what is the outlook? What did the company say that they anticipate they're going to do for the next quarter? But to get a true assessment of what a company is doing, let's go back a year and see, are we trending up on our earnings or are we trending down? So I decided to go through the earnings calendar and just kind of give you an expectation, okay? Now, let's go to the calendar. Let's hit just next week, of course. So on Monday, July the 15th, the two financial giants, BlackRock and Goldman Sachs are going to be reporting. Let's hit BlackRock. $9.28 is what they reported a year ago. The estimate, again, is $9.98. That's what you want to see. Goldman Sachs, boy, this could be a huge upside if these analysts are correct. A year ago, they made $3.08 a share. The estimate now $8.35. Wow, that stock will pop and go through the roof of that. Those estimates are correct. But then we come over to a few other majors, Bank of America on Tuesday, a year ago, they made 88 cents. Uh oh, they're only expected to make 80 cents. PNC, a year ago, made $3.36, now expected to make $2.29 or $2.99. State Street, $2.17 a year ago, expected to make $2.03 cents. United Health, $6.14 a year ago, expect to make $6.67. Now, we come down to, let's see, I want to go to where we get to be on Friday, I believe, was where I wanted to, yeah, American Express. So $2.89 a year ago, expected to make $3.23. And then we get into travelers, another down component, six. This was the one that grabbed my attention. Year ago, they only made six cents a share. They're expected to make $2.34, again, reporting on Friday. So you see the big divergence. So once again, if you're deciding to move into a stock, here's the takeaway. If you're deciding to move into a stock in the heart of earning season, make sure you look and see not just what the company reported last quarter, but take a look at last quarter's numbers, compare it to a year ago, and that will help you see if there's a trend either on the upside or on the downside. The second facet, of course, is what is the outlook by the company? Okay, so let's say they made $2.50 a share. Are they predicting the same, more or less, going forward for the next quarter? And that's kind of what got the major financials I mentioned today, the Wells Fargo, JP Morgan City, or City did good because they just slashed cost everywhere. But it was the, again, the guidance and, you know, a company, again, Wall Street doesn't really, you know, till that age, we're not driving the car by looking in the rearview mirror. So do we really care what the company did a quarter ago? Yeah, but more importantly, let's look through the windshield. What is the company predicting? What is the future hold? That's where you have to look at. So be very careful. This is not supposed to be a fantastic earning season. But again, it doesn't take much for a company to beat as long as the earnings outlook is a positive one. All right, you're up to date now. Those are all the things that are on our radar. I hope they're on yours too. And you make some great portfolio decisions. If we can be of help to you, please give us a call at our office at 775-800-1801. God bless, have a great week and we'll see you on Monday on the John Sanchez show. Just talk 780-QH. This program was sponsored by Sanchez Wealth Management. The material in this program was intended as general information only and should not be taken as specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Further information is available by contacting John at sancheswealthmanagement.com or 775-800-1801. John Sanchez offers securities and advisory services through independent financial group LLC, a registered broker-dealer and investment advisor. Remember FINRA SIPC. Securities offered only in states John Sanchez is registered in. Sanchez Wealth Management LLC and independent financial group LLC are unaffiliated entities. Looking for a financial institution that has fewer fees, better rates, and gives back to the local community? As one of Colorado's largest credit unions, Belco offers great rates on products like our free boost interest checking and lower rates on loans including our home equity choice line. Bank virtually anytime, anywhere through online banking and our mobile app. Becoming a member has never been easier. Visit belco.org or stop by any Belco branch. Membership eligibility required. Equal housing opportunity all own subject to approval insured by NCUA. Belco. 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