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Financial stocks are leading Wednesday's market rally. We're buying the one left behind

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Wall Street Notizia

Financials,Banks,Morgan Stanley

We're using some of the sale proceeds from our morning bank stock trims.

We're buying 15 shares of BlackRock at roughly $1,008 each. Following Wednesday's trade, Jim Cramer's Charitable Trust will own 45 shares of BLK, increasing its weighting to 1.3% from 0.86%. We're taking some of the sale proceeds from our morning trims of Wells Fargo and Morgan Stanley to buy more BlackRock shares, which curiously were not participating in Wednesday's broad rally in financial stocks.

These are areas where people feared increased scrutiny and regulation, and under a new administration, BlackRock should be free to pursue more growth opportunities. And yet, BlackRock stock has given back all its gains from earlier in the session. We see the muted reaction in BlackRock as an opportunity to scale deeper into our position, especially with some of the funds we raised from selling a portion of our two banks on their double-digit percentage increases.

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