Market Rallies Without the Banks

Did you happen to notice that today’s triple digit rally happened without the banks? JPMorgan cut estimates on its peers in financialville and no one seemed to care.

Here’s what some of the Money Center banks did on the day:

Laggards in Price Performance (Intraday)
SUNTRUST BANKS [sti] -1.82%
T C F FINANCIAL CORP [tcb] -1.75%
ORIENTAL FIN GROUP [ofg] -1.55%
P N C FIN SVCS GR [pnc] -1.35%
United Bancshares, Inc. [uboh] -0.87%
JP MORGAN CHASE CO [jpm] -0.64%
CITIGROUP INC [c] -0.24%
WELLS FARGO & CO NEW [wfc] -0.18%

What's been said:

Discussions found on the web
  1. Michael commented on Dec 02

    Nice observation. I believe the bank rally actually happened on Monday, and on Tuesday they sold them into the market strength.

    May not be a good omen for banks short term.

    admin
    http://invetrics.com

    P.S.
    DJIA index trading signal is up a respectable 68% for the year (as of November 1, 2009) and it is free of charge for individual investors.

  2. Michael commented on Dec 02

    Nice observation. I believe the bank rally actually happened on Monday, and on Tuesday they sold them into the market strength.

    May not be a good omen for banks short term.

    admin
    http://invetrics.com

    P.S.
    DJIA index trading signal is up a respectable 68% for the year (as of November 1, 2009) and it is free of charge for individual investors.