Hello, traders, Lance Ippolito here. Welcome to the first edition of a new weekly feature where we'll be able to share some of our top trading ideas — and our biggest winners — from the New Money Crew!
Let's dive right into it with those damn bank stocks, which have flat refused to join the massive rally we've seen in tech stocks the past few months.
Just taking a look at the Financial Select Sector SPDR Fund (NYSEARCA: XLF), which holds JPMorgan, Goldman Sachs, Citigroup, Morgan Stanley, Bank of America and Wells Fargo among others, it looks grim.
Sure, they bounced off the March lows, but so did everything else. Let's be frank: They look horrible.
Even the best bank, which is JPMorgan Chase Chase & Co. (NYSE: JPM), in my opinion, can barely hold $100 a share right now and was rejected at its 200-day moving average back in June.
U.S. banks suck right now, but what about foreign banks like HSBC Holdings plc (NYSE: HSBC)?
Woof... it just hit a 52-week low.
So, Lance, what's the lone bright spot among bank stocks?
I'm glad you asked because it's Ally Financial Inc. (NYSE: ALLY). It's an online bank and it had a massive fall from grace. It was around $30 before the coronavirus crash, and it just broke its 200-day moving average to the upside, and traders started buying calls.
But hopes are dim for financials here. Maybe big earnings will change things around but hopes are very, very low at this point.
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You need to watch now to get this weekend's trade. This page is coming down next week, so this is your last chance to get all of the details…
If you're looking for more compelling trade ideas and stock market musings to read and help you prepare for what lies ahead, here's what other experts at WealthPress are saying:
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