The banks and oil plays are still hovering on the positive side today. The banks have been the weakest sector over the last six months and are clinging to a minor technical bounce. With the markets lower across the board, Bank of America Corp (NYSE:BAC) is trading at $7.42, +0.02 (+0.27%) and Wells Fargo & Company (NYSE:WFC) is trading $24.62, +0.07 (+0.29%). Oil stocks continue to be generally higher even with a lower market. This is on the back of a recent big bounce in oil and even today, the energy source is slightly higher. There is talk of continued global printing of money. As long as this happens, all commodities should see a rise. Exxon Mobil Corporation (NYSE:XOM) is trading at $73.66, +0.16 (+0.22%).
Investors remain very nervous. Right now the charts are signaling continued consolidation and then another move higher towards the $125.00 level on the SPY. That view will hold true unless the $117.00 level is taken out. To get the best swing trade alerts, guidance and education, take the seven day free trial to the Research Center and Intra Day Stock Chat. Join the pros that help hedge funds make billions and investors make millions.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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