Today, Intel rose 3% after markets as Intel once again recorded extremely positive earnings.
It is JPMorgan’s turn tomorrow. I am guessing that JPM will beat expectations too. However, the market doubts that as seen by the late selloff. I like Bank Of America Corp if JPMorgan beat its earnings.
JPMorgan should head to $48 on good earnings strength. It is still trading at the upper bollinger channel.
Bank Of America Corp has a better looking chart. It should easily hit $19.2 before its earnings. On strong earnings, BAC should easily climb to $20.8
My favorite pick for the month would be the STEEL Sector. I am loving 2 stocks. AKS and United States Steel X.
I will buy both. But I will trade United States Steel.
I am thinking that X will trade upwards tomorrow and it would face resistance at $71. There should be another wave of short squeezing as the stock bounces from its 20 SMA. Today, X experienced slight selling pressure. However, I think the sellers have been exhausted. Bulls should take charge from here.
With blow out earnings from INTEL, and hopefully JPMorgan, the DOW should rally tomorrow. Stabilizing the 11k mark once and for all.
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