Investing.com - Financial Markets Worldwide

Will Financials Dictate This Week On Wall Street?

ByAvaTrade
AuthorAvaTrade
Published 01/15/2013, 04:49 AM
Updated 02/02/2022, 05:40 AM
C
-2.08%
BAC
-1.08%
GS
-2.59%
COF_old
0.00%
MS
-1.97%
AXP
-2.78%
COF
-2.52%
BIG
-1.37%
BACS
0.00%
IFNC
-0.40%
GS
0.00%

Wall Street is ready for big financial earning’s season as most of the major banks on wall street are due to report their earning this week. Investors will closely watch these numbers as this will set the tone for most of the financials for the rest of the quarter where some of the big players on the wall street have surged more more than 100% in their stock value last year.

Investment banking giant Goldman Sachs (GS) is the first one to report this week followed by J.P Morgan (JPM-PW) today. American Express (AXP), Bank of America (BAC), Citigroup (C) and Capital One (COF) will report on Thursday and Morgan Stanley on Friday. According to data sheet earnings forecast have been cut down for the financial for the fourth quarter from 15.9% to 8.7%.

For conservative investors ETF XLF would be the most diversified and less risky strategy to play with this earning season as this etf cover all of the above stocks mentioned. Looking at the technical side perspective RSI has broken the downward trend line on 30 minute time frame and is inline with the price movement which will signal that move is will continue to upside.

However, BB pierce will happen at 17.20 level will convince investors to take some profit off and if the price comes back to 20 days SMA and moves back up again with the earning on Wednesday then we should see this move to continue to 18.25 level

Key levels
18.8
18.25
17.2
17.07 last
15.9
15.05
14.55

DISCLOSURE And DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.

By Naeem Aslam

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