Banks Catching a Bid Today

By: Scott Redler

Goldman Sachs (GS) and JP Morgan (JPM) are both working well for us. This is a nice two day move! Let’s take a look at these two sector leaders:

Goldman Sachs

That’s all you can ask for as of now. We will piece out of longs at around $157-158 and then look to see how it handles $159-162 for a possible short entry.

JP Morgan

JPM is also working well for us. We are entering our resistance zone of $41-41.80. Nice two days here as well!

These are the types of strategies to implement in an oversold tape – take an easy 1-3 day bounce then wait to see what happens next.