Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

MV Weather Report: Banks Chasing the Clouds Away, At Least for Now


Rain or shine, we review the day's biggest stock stories.

Today was a bland session: The DJIA closed down, but the S&P 500 and NASDAQ were up marginally at the close. Interestingly, the S&P 500 closed at 858 today; on Friday, I mentioned that the S&P had a potential square out at 859.

The leaders of today's session were the banks: The sector continued to rally off the strength of Wells Fargo's (WFC) report last Thursday. Today's big gainer was Bank of America (BAC); the stock is no longer a single-digit midget, as it closed at $11/share.

Goldman Sachs (GS) traded extremely well, and released earnings shortly after the close of trading today. The company reported EPS of $3.39 vs. $1.60 consensus estimates; revenues came in at $9.43 billion vs. estimates of $7.09 billion. The company announced a $5 billion public-equity offering and declared a $0.35 per share quarterly dividend. EPS and revenue lines were huge, but the stock sold off in afterhours trading; it's now down 3 points, to $127 a share.

Today on the Buzz and Banter, Professor Jeff Cooper took a look at Goldman using his square of 9 chart.

"Goldman Sachs bottomed at 47.50 on November 21st. November 21st conjuncts or vibrates off 47.50. Time and price squared out at that point.

"360 degrees up is 79/80. 720 degrees up from low is 119.

"A 90-degree overthrow of this important 720 degree move is 130.

"143 is opposition the Nov. 21st low and 900 degrees off the low."

Click to enlarage

As for tomorrow's session, traders will be watching for a reaction to Goldman's earnings. Currently the S&P futures are trading at 854. I would also watch the banks and Morgan Stanley (MS). After seeing these earnings, it's obvious why the market has run up so much. But will the rest of the banks report similar numbers?

Traders will also be looking at economic data, namely PPI, Retail Sales, and Business Inventories. These will be released at 8:30 et and 10:00 et. If you missed it, read new Minyanville Professor Jack Lavery's excellent economic insight for this week.

After the close of trading, tech earnings will kick off when Intel (INTC) reports its first-quarter numbers. Consensus estimates have the company earning $0.02 on revenues of 6.97 billion.

All right, Minyans - have a great night!

In memory of our fallen friend and trusted colleague, Bennet Sedacca, 100% of the donations made to the RP Foundation through April will be channeled to philanthropic endeavors consistent with the RP mission, working closely with the Sedacca clan in the distribution of those funds. We thank you kindly for your support as we strive to effect positive change in the lives of children.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos