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.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.
