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Two Ways: Goldman Upgrades Large Banks


Strengthen your portfolio in good times and bad.

Goldman Upgrades Large Banks

This morning Goldman Sachs upgraded the US banking sector. In a story by MarketWatch, the world's largest securities firm said it raised its view to "attractive" from "neutral" saying the market has "failed to recognize the dramatic improvement in earnings power at the large banks versus the regionals."

The note added that the difference hasn't been fully reflected in the share prices. Specific companies mentioned included Wells Fargo (WFC), which was upgraded to buy; Comerica (CMA) upgraded to neutral; and Capital One (COF) added to Goldman's conviction buy list.

See Toddo's recent article, Will "Write-Ups" Bolster the Financials?

From the Bull Pen: If you're considering Wells Fargo, there's a defined line of support at $26. State Street (STT) may also be an opportunity at $49. Sell stops can be set below those levels.

From the Bear Cave: The banks and related sectors may be tough to short right now. But consider Moody's (MCO) on a rally back to the $22.50 to $23 range (the 20-day moving average and overhead resistance). If and when.

A Quick Check Around the World

Asian trading closed with the Nikkei -0.59, India -1.56%, Hang Seng 0.26%, Shanghai 0.90%, and Taiwan 0.35%.

Across the pond, we see the FTSE 0.01%, CAC 0.20%, DAX 0.24%

As of 8:10 a.m. EST, S&P Futures are trading +5.50 to 1027.00 and Nasdaq futures are +10.50 to 1672.75.

A Look at Commodities

Over in commodities, crude oil is -0.69 to 69.26 while gold is +1.50 to 1006.00 this morning. Silver is +0.45 to 16.28 and copper -0.500 to 267.65.

The dollar index is -0.170 to 77.0450.

On the Radar


10:00 ISM Services (50.0 cons.)

Click here for the full trading radar.

Welcome back, Minyans, and good luck!

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No positions in stocks mentioned.

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