Jul
17
Written by:
Arthur Daret
7/17/2008 7:48 AM
Financial stocks, which have been battered this year staged a powerful rally yesterday. There is some follow thru today but I expect that we will begin to see some backing and filling take place. Oil is struggling as well and that helped the transportation index gain over 5% yesterday. US Bank (USB), Bank of America (BAC), Wells Fargo (WFC), Old National (ONB), Northern Trust (NTRS) were all up nicely. Volume on some financial stocks was mixed however today (Thursday), I'm noticing heavier volume which is a good sign since it indicates that tere could be some institutional buying taking place (along with short covering). Today, JP Morgan (JPM) reported better than expected earnings and that is also helping fuel the additional gains in bank stocks.
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