Monday, 24 April 2017

BAC, JPM - renewed strength in financials

It was a strong day for the US equity market, but especially so for financials, Bank of America (BAC) and J. P. Morgan (JPM) settled the day higher by 4.0% and 3.5% respectively. Mid term bullish trends are comfortably intact, as the fed is set to raise rates again in June or July.

BAC, monthly

JPM, monthly


*rather than highlight the smaller daily cycles, I wanted to put things in better perspective via the giant monthly cycles.

BAC: the Nov'2016 breakout above the $18 threshold was so very important. Having already seen the $25s, a move to the $30 threshold looks within range by year end.. or certainly for spring 2018.

JPM: extremely strong, and as many now recognise, its headed for the giant psy' level of $100.

Bullish higher rates, and by default... the financials.