Novice Trade: JPMorgan Chase

Amid today's selloff there is some strength coming from the financials. Goldman Sachs (GS), JPMorgan Chase (JPM), Bank of America (BAC) and the like are all up on the day. I guess that is because there is some sort of "fear" around a June rate hike pushing the market a touch lower. I do not think that is in the cards, however, nor do I think the Fed will raise rates during an election, which means we will likely see a hike in December again.

That's not great for the financials but it seems to be what's priced in right now. If rate expectations change, financials will outperform the market. If not, I believe the market is going to have some continued strength over the next week, back above 2100 at one point, probably after the Fed minutes tomorrow....81 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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