"The bank stocks haven't done anything in nine months. If JPMorgan is solid, and traders can't sell it down, the banks could help take S&P to the highs of the year," said Scott Redler, partner with T3Live.com. He said technically the market is in good shape, with big tech taking the lead Monday after a rest last week, but a broad group of stock also participated in the rally.
"There will be some companies that weathered the storm better than others, and there will be others who say it's gotten more challenging, and we don't know how this is going to work out," said Peter Boockvar, chief investment strategist at Bleakley Advisory Group. "You look at the last four to six quarters, the tone the banks set and the way the stocks actually trade can be very divergent, and it can be very temporary," said Julian Emanuel, head of equity and derivatives strategy at BTIG.
Earnings overall are expected to decline by 20.7%, and financials earnings are expected to be down 17.6%, according to I/B/E/S data from Refinitiv. The worst group is expected to be energy, down 117%.
So we should expect some more permabullshitting cheer leading from you vested interest charlatans then
Casino, not the economy.
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