It Was a 'Sell the News' Kind of Day

When a market is in a trading range it doesn't need a good reason to sell-off. While there was some worries about moves that President Trump might make over the weekend as far as Syria or Deputy Attorney General Rod Rosenstein, the main reason the indices sold off was that there was a 'sell the news' reaction to the earnings reports from JPMorgan Chase (JPM) , Citigroup (C) and Wells Fargo (WFC) .

The three reports were solid and had the bulls excited before the open, but it was a classic 'sell the news' reaction. Banks have been a bit of a safe haven recently as money has piled into the group on the simplistic notion that higher interest rates will be good for financials. Maybe so but that thinking helped to trigger the reaction to the banks today....200 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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