Daily Stock Market Equity and Options Trading Commentary

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Wednesday, April 15, 2009

AXP & GS on Fire. Can They Bring the Other Financials With Them by Market Close?

GS is having a nice bounce today, but that may be because it was hammered yesterday over 15 points. However American Express seems to be on fire in the last 20 minutes due to credit card delinquencies holding steady in March. It is up almost $1 in today's trading session. It is 2:48 right now and in 12 minutes the market is about to get real volatile. Looking at the trend for AXP I'd say it finishes up over $1, but if the market starts to sell off there isn't a hope that AXP even finishes up. By taking a quick glance at the chart I think if AXP can get over 20 at any point by 4pm it could easily rally another 2% to $20.40 by market close. If AXP takes off it will most likely bring other financials with it such as the lagging banks today, like Bank of America (BAC) and Citigroup (C).

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Anonymous said...

We're at 20.41 now after being at 19.35 at 3 PM. How did you call that??? Great call!

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