Hello traders everywhere. Traders have apparently decided that an old standby is where they want to invest vs. the hottest sector of 2017. That old standby, the big banks.
I opened MarketClub's Top Stocks list this morning after the DOW and S&P 500 opened significantly higher to find that Bank of America (NYSE:BAC) was sitting at the top. In fact, three of the top 5 were big banks. It's a far cry from the tech sector that has been all the rage until recently.
This change in sentiment is primarily due to tax reform. On Saturday the Senate approved their version of the tax bill in a narrow 51-49 vote after a lot of work on the hill. Once the Senate and House of Representatives reconcile their respective versions of the legislation, the resulting bill could cut corporate tax rates to 20% from 35%.
The GOP, however, still needs to overcome future obstacles for the Senate and the House to craft a joint bill, which will then be presented to President Donald Trump. Republicans hope a deal will be achieved by Christmas.
Key levels to watch next week: Continue reading "Bank Stocks Lead The Way"
My grandmother, a schoolteacher, was widowed at a relatively early age. She inherited a relatively small nest egg my grandfather, a rabbi, had built that included a couple of municipal bonds and 90 shares of stock in a small local bank started by a handful of his congregants.
At the time of her death 40 years later, the bank had grown into one of the largest regional players in the business. Those 90 shares had grown through mergers, splits and stock dividends to over 12,000 shares, with a value of close to $300,000. Not a fortune -- but not too shabby.
Was she some kind of investing genius? She was a smart cookie, but no. She held the stock for what seemed like forever. She banked there forever. She knew the business inside and out. She liked the 5% rain or shine dividend.
The bank she owned evolved into Regions Financial (NYSE: RF). Continue reading "Why I Will NEVER Buy Another Bank Stock"
Article source: http://www.streetauthority.com/node/30454679
The Banking sector is heavily represented in this week's finance sector reports, with all of the sector's big guns like J.P. Morgan (NYSE:JPM), Wells Fargo (NYSE:WFC), Bank of America (NYSE:BAC), Citigroup (NYSE:C), and Goldman Sachs (NYSE:GS) coming out with results this week.
Total earnings for this sector as a whole are expected to be up +19.3% from the same period last year. So, on paper it all looks rosy, as they say. Currently the Trade Triangles are in long positions in the major bank stocks that are reporting earnings this week. Continue reading "Big Banks Report Earnings This Week"
Hello traders everywhere! Adam Hewison here, President of INO.com and co-creator of MarketClub, with your video update for Friday, the 22nd of November.
With yesterday's record high close of 16,009.99 in the Dow (INDEX:DJI), it would appear as though the stage is set for further gains in this index. Many of the stocks that make up this index are doing very well, stocks like Intel (NASDAQ:INTC), American Express (NYSE:AXP), Bank of America (NYSE:BAC), Walt Disney (NYSE:DIS), Home Depot (NYSE:HD), JP Morgan (NYSE:JPM) and so on. Only one stock in the Dow 30 Index appears to be in a full negative trend according to the Trade Triangles and that stock is Cisco (NASDAQ:CSCO).
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Continue reading "Game On! The Dow Closes Over 16,000"