Think Twice Before Jumping Into JPMorgan, Wells Fargo, And Other ...

MINYANVILLE ORIGINAL Yesterday we wrote an article titled What Should You Do Ahead of Bank Earnings? We have been all over the mega-cap money center banks since mid to late August.

We reiterated yesterday:

If you?re a swing trader and have owned these names since August 24, we would not risk these gains and reduce exposure. As traders, we never go into earnings with a directional bet, which is just guessing. Long-term investors who have owned these names for several months can stay the course. There is no reason to own more than one of these names. Over the last several years, these names perform well into earnings, gap up on earnings, and then sell off.? If you are looking for exposure after JPMorgan (NYSE:JPM) reports, go with the higher beta name, which is Bank of America (NYSE:BAC).
We don?t see any catalyst to jump into these names today; let them settle in, and we'll be watching our Buy/Sell rating before making a decision.? Below we have today?s levels for both JPMorgan and Wells Fargo (WFC).?

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No positions in stocks mentioned.

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Source: http://www.minyanville.com/trading-and-investing/stocks/articles/jpm-wfc-bac-bank-of-america/10/12/2012/id/44943

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