Stay Skeptical on the Bank Bounce
Commercial banking stocks stirred to life last week, posting their strongest gains since the start of second-quarter earnings season. The industry's classiest acts, JPMorgan Chase (JPM) and Wells Fargo (WFC), pushed above key resistance levels, but even Bank of America (BAC) and Citigroup (C), poster children of the 2008 crash, enjoyed a steady flow of buying interest.
Whether you're a banking bull or bear, it makes sense to remain skeptical about last week's bounce, because this sector has drawn in hopeful buyers repeatedly since topping out in February at nine-month highs, only to deflate like a balloon every time the government fires another warning shot across their bows or another foreclosure fiasco hits the newswires. ...769 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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