Big Banks = Big Market Movers: JP Morgan (JPM) and Wells Fargo (WFC)

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JP Morgan Chase (JPM) announced its quarterly earnings report on Friday AM. A rather disappointing outcome missing on both revenue and earnings expectations. The stock price acted accordingly and closed over 3.6% lower. But the Bulls have a few potential things going for them.

1) Friday’s low matched the size of the biggest correction experienced last year. 2) it also hit the 200 day moving average at $54.81. 3)And the January low is right in the vicinity.

Will this be enough to stop the downward momentum, is anyone’s guess. But if we can hold $54 this still looks like a buy to me.

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Wells Fargo (WFC) on the other hand, came in with a slight miss on revenue but a solid beat on earnings. This has been my favorite financial name for quite some time. The stock found support at its January highs, 50 day moving average and recent trend line support. It ended the day closing higher by 0.78% while the broader market saw 1% declines.

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