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Two Ways: JPMorgan Keeps Up Earnings Momentum


Strengthen your portfolio in good times and bad.

JPMorgan Chase Adds to Earnings Beats

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!
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No positions in stocks mentioned.

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