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.
Based on the current trend and barring any major reversals today, I will be going into the 2013 Q4 bank earnings report long the following positions:
J.P. Morgan (NYSE:JPM) :
Long Monthly TT on 11/21/13 at 56.78
Long Weekly TT on 12/23/13 at 58.00
Close Last Friday @ 58.50
Wells Fargo (NYSE:WFC) :
Long Monthly TT on 11/26/13 at 44.74
Long Weekly TT on 11/26/13 at 44.74
Close Last Friday @ 45.92
Bank of America (NYSE:BAC) :
Long Monthly TT on 9/7/12 at 8.40
Long Weekly TT on 1/2/14 at 16.87
Close Last Friday @ 16.79
Citigroup (NYSE:C) :
Long Monthly TT on 9/16/12 at 31.12
Long Weekly TT on 1/3/14 at 52.69
Close Last Friday @ 54.72
Goldman Sachs (NYSE:GS) :
Long Monthly TT on 9/5/12 at 107.34
Long Weekly TT on 10/29/13 at 162.50
Close Last Friday @ 178.39
Now, let's see how those bank earnings shape up this week.
Every Success and have a great trading day,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
