The Financial Sector Earnings Have Started Pouring In, and the Results Are....
...Surprisingly positive given all the regulatory and litigation issues they are facing. Numbers came in quite positively for Bank of America (BAC), JP Morgan (JPM) and Wells Fargo (WFC), yet we are waiting to see what the rest of the week brings us with Citigroup (C), American Express (AXP) and Capital One Financial (COF) announcing over the next two days.
Adding to this positive Earnings start is the fact that the World Bank raised its global GDP growth forecast for 2014 from +3% to +3.2%, and we are sitting right smack in the middle of a very surprising Earnings Season for Financials. Maybe this was on the heels of a much better than expected release of Retail numbers, simply a result of lower Guidance heading in (always a great way to beat numbers... keep them low to begin with), or true strength in the Global Economy. All that matters to us is trading opportunities that we can now find. ETNtraders are sitting on some very nice Iron Condors on BAC and WFC, and will wait with bated breath for AXP, INTC and GE roll out their results tomorrow and Friday.
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Please have a great rest of your trading week, stay safe, profit, and don't lose money!