J.P. Morgan Chase & Co. (NYSE: JPM) is leading the markets higher this morning ahead of the Jamie Dimon testimony. The problem is that Bank of America Corporation (NYSE: BAC) is trumping Dimon and it is now the highest percentage gainer of all DJIA stocks. While last week’s Congressional hearing was the one that really saved the banking sector from endless oversight, the speech in front of the House is perhaps equally important as Dimon may get a chance to clarify some of his “I don’t know” answers from a week ago. Our vote was that Jamie Dimon saved the banking sector initially, but by the end of the day the banks were lower.
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
Top Gaining Stocks
Top Losing Stocks