After the Dimon testimony last week, the shares of J.P. Morgan closed at $34.30. Currently the stock is up 2.2% at $35.38 so far on Tuesday. This actually marks the highest banking stock price for it sine May 17. Be sure to watch those S&P chart buy/sell pivots today.
What is interesting is that Bank of America Corporation (NYSE: BAC) is up over 5% at $8.17, while Citigroup Inc. (NYSE: C) is up 3% at $28.38. Wells Fargo & Co. (NYSE: WFC) us up only 1.5% at $32.97. The Financial Select Sector SPDR (AMEX: XLF) is up 1.7% at $14.50 on the day so far in active trading. Even the triple-leverage ETF of Direxion Daily Financial Bull 3X Shares (AMEX: FAS) is up 4% at $86.40.
What is driving BofA is that Julius Baer is said to be in talks to acquire its international wealth management unit. If reports are accurate, that would raise close to $2 billion for BofA. While BofA is up the most, today’s headline focus throughout the day is more likely to be dominated by Jamie Dimon.
JON C. OGG
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