Two Ways: JPMorgan Keeps Up Earnings Momentum
Strengthen your portfolio in good times and bad.
Earnings season is off to a good start with Intel (INTC) beating the "numbah" last night.
Now JPMorgan Chase's (JPM) results are also adding to the positive sentiment.
The second largest bank in the US by assets reported profits of $0.82 a share, beating analyst estimates by $0.30. Revenues rose nearly 4% on a year-over-year basis to $26.62 billion above expectations of $24.96 billion.
Credit costs remain high and Chairman and CEO Jamie Dimon said in a statement that the company is adding $2 billion to consumer credit reserves. Dimon said that although the company is seeing signs of consumer credit stability, he's not yet certain this trend will continue.
Shares of JPM are up 3.5% in the premarket.
From the Bull Pen: If companies (especially the banks) continue to "beat the numbah," the equity markets could be in for a move higher. Have a look at Visa (V) attempting to break through 75 resistance. Bulls can set a sell stop near 73.
From the Bear Cave: Bears can look to Simon Properties Group (SPG). Although the problems in the commercial real-estate sector have been well-documented, this stock has still managed to gain 27% year-to-date. Still, on a purely technical basis, the 20-day moving average (currently 69.60) may be too great a barrier for the stock to overcome in the short term. Bears playing the downside can set a tight buy stop above that level.
A Quick Check Around the World
Asian trading closed with the Nikkei -0.16%, India 1.20%, Hang Seng 1.95%, Shanghai 1.17%, and Taiwan 1.31%.
Across the pond, we see the FTSE 1.84%, CAC 1.87%, DAX 2.20%
As of 8:20 a.m. EST, S&P Futures are trading +14.0 to 1082.75 and Nasdaq futures are +22.75 to 1749.50.
A Look at Commodities
Over in commodities, crude oil is +0.41 to 74.57 while gold is -5.10 to 1059.90 this morning. Silver is -0.55 to 17.78 and copper +3.150 to 282.60.
The dollar index is -0.3550 to 75.8100.
On the Radar
08:30 Export Price ex-ag
08:30 Import Prices ex-oil
08:30 Retail Sales (-2.0% cons)
08:30 Retail Sales ex-auto (-0.2% cons)
10:00 Business Inventories (-0.8% cons)
02:00 FOMC Minutes
Click here for the full trading radar.
Wednesday hump day! Good luck!
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.
Daily Recap Newsletter