I have to respectfully disagree with Jim Cramer's conclusions in his recent column, 'No Wonder Bank Stocks Have Been Hit So Hard'.
From the looks of the stocks of the banks, many of which reported excellent quarters, this group is in real trouble.
Community banks have already faced challenging times, and now the Covid-19 crisis is adding to the woes.
Despite weakness caused by bank earnings and poor economic news, traders actually welcomed with the seemingly logical move downward.
The recent underperformance could merely be a bullish flag pullback if we examine the daily chart.
I did warn publicly back in another epoch that quantitative easing would lead toward increased consumer level inflation.
The banks are changing their stance, so let's see what the indicators say.
We check out what the charts of the banking giant are telling us ahead of earnings on Wednesday.
I am not convinced that JPM, and most banks for that matter, will quickly return to the kind of profitability they have seen in the past.
CEO Jamie Dimon is back and the firm is in good shape, even if times are rough, so I plan to add on weakness.