J.P Morgan is soaring on earnings, and its rivals won't be able to catch up, says expert $JPM (via tradingnation)
div > div.group > p:first-child"> Financial giants J.P. Morgan and Wells Fargo kicked off earnings season on Friday, both issuing better-than-expected results. But while J.P. Morgan's stock soared nearly 5%, Wells Fargo's stock slid, ending the day almost 3% lower.
"J.P. Morgan has set an unbelievable tone," Quint Tatro, managing director of Joule Financial, said Friday."I think we're going to see that from more of the consumer-focused banks, but I don't think that they're going to reach nearly the levels that J.P. Morgan did. I mean, they're firing on all cylinders."
So, while Tatro wasn't totally bearish on Wells Fargo's prospects, calling it"fine from a dividend standpoint," he had a clear winner in mind. While the space's other major players, including Goldman Sachs and Citigroup, are reaching what the technician called"very interesting inflection points" that could serve as launching pads for their stocks, one in particular stood out to him as the most promising.
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