JP Morgan missed this morning. Stocks are under big-time pressure. I have been riding the 10 year down in the dirt
-Geaux
Back in 2009, Goldman CEO Lloyd Blankfein regaled us with his epic “doing God’s work” quote. Fast forward a few years, and Jamie Dimon gives us his own, toned-down version.
Running J.P. Morgan is “the best I can do” for the world, he told Fox Business. Why? Because the bank helps countries. And veterans. Governments. Sovereign wealth funds. Charities. The unemployed. Maybe even orphans and stray puppies. You know, more God’s work.
In fact, God himself, via his unverified Twitter account, can totally relate.
For today’s purposes, we’ll see what Dimon has done to help investors over the past few months. Along with Wells Fargo, J.P. Morgan hands in results from a financial sector that is expected to lag the S&P on earnings and revenue for the fourth-quarter, according to FactSet.
Disappointments won’t go over well in this climate.
Meanwhile, copper prices are plunging to 2009 lows. This probably used to mean more than it does these days, but if bears needed more ammo to back their crash calls, they got it (check out the call and the chart of the day for some serious red-flag waving).
As for volatility, expect lots more of it. Tuesday marked the first time in almost four years that the S&P was up at least 1.4% before closing down for the day.
History tells us we should be worried about this much movement to start the year. It’s still early, obviously, but the S&P is on pace to post 126 sessions of 1% moves, according to Chad Gassaway. Going back to 1950, only six years have posted more than 100 sessions like that. Of those six, only one has closed higher for the year. The other five delivered bigtime, double-digit carnage.
“While volatility has given opportunities to shorter time frame traders, investors have struggled over the longer term,” Gassaway said. “Such an increase in volatility is concerning at minimum.”
Banks report as investors face the worst time ever to buy stocks - MarketWatch
-Geaux
Back in 2009, Goldman CEO Lloyd Blankfein regaled us with his epic “doing God’s work” quote. Fast forward a few years, and Jamie Dimon gives us his own, toned-down version.
Running J.P. Morgan is “the best I can do” for the world, he told Fox Business. Why? Because the bank helps countries. And veterans. Governments. Sovereign wealth funds. Charities. The unemployed. Maybe even orphans and stray puppies. You know, more God’s work.
In fact, God himself, via his unverified Twitter account, can totally relate.
For today’s purposes, we’ll see what Dimon has done to help investors over the past few months. Along with Wells Fargo, J.P. Morgan hands in results from a financial sector that is expected to lag the S&P on earnings and revenue for the fourth-quarter, according to FactSet.
Disappointments won’t go over well in this climate.
Meanwhile, copper prices are plunging to 2009 lows. This probably used to mean more than it does these days, but if bears needed more ammo to back their crash calls, they got it (check out the call and the chart of the day for some serious red-flag waving).
As for volatility, expect lots more of it. Tuesday marked the first time in almost four years that the S&P was up at least 1.4% before closing down for the day.
History tells us we should be worried about this much movement to start the year. It’s still early, obviously, but the S&P is on pace to post 126 sessions of 1% moves, according to Chad Gassaway. Going back to 1950, only six years have posted more than 100 sessions like that. Of those six, only one has closed higher for the year. The other five delivered bigtime, double-digit carnage.
“While volatility has given opportunities to shorter time frame traders, investors have struggled over the longer term,” Gassaway said. “Such an increase in volatility is concerning at minimum.”
Banks report as investors face the worst time ever to buy stocks - MarketWatch
