January 14, 2022, 10:39 am EST
A Shining Bank in the Tough Time
Wells Fargo (WFC) jumped another +4% today after the earnings report. WFC made a strong gain on the first trading day of 2022 so it got our attention as we mentioned in the article. It already accumulated about +10% unrealized gains in our portfolio. We believe that a higher rates environment may make WFC climb much higher from the current level in 2022.
JP Marogan Chase (JPM) is down about -5% where we can see the investment banker suffered badly after a tough outlook according to its CFO earning announcement. All other investment bankers are down altogether (MS, GS, BLK).
Indeed, the stock markets prepare for a much tougher time ahead as DJIA is off -250 points or -0.7%. S&P 500 and Nasdaq also show the red color as of now.
A few highlights are:
- Energy: MRO, FANG, COP, OXY, EOG
- Gambling Hotels: LVS, WYNN
- Semiconductor: MRVL, XLNX, AMAT, QCOM
Overall, the market keeps deteriorating quickly. Losing important technical levels like 20,50,200 moving-average lines is fatal to turn the bias of the stock market to bearish. Thus, market participants are to be aware of the coming risks.
