U.S. Stock Markets Cool Off Heading Into Jerome Powell Presser

The U.S. stock markets faded to start the week, with VIX in “backwardation” as traders prepare for the Jerome Powell presser at noon. Federal Reserve officials are active this week with five speakers on Wednesday.

Jerome Powell Speaks – Financials Show Strength

Despite the fade in U.S. stock markets, financial stocks are shwoing remarkable strength.

Money center banks are trending, with JPMorgan Chase (JPM)and Morgan Stanley (MS) reversing on Monday to close higher. Goldman Sachs (GS), Wells Fargo (WFC) closed less than half a percent lower, but remain in bullish trends.

The Bancorp (TBBK) broke out of a base last week, catching our attention when it showed up on the Marketsmith Blue Dot scan, along with First Commonwealth Financial (FCF).

We’re looking for both stocks to follow through after Jerome Powell’s presser.

The Bancorp (TBBK) has produced 11 consecutive quarters of positive earnings, performing very well coming out of the 2020 Covid drawdown. 

Join us today in the trading room for our LIVE broadcast during market hours, as we discuss stocks on the watchlist, and potential trades, while navigating the current environment.

Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.

Happy Trading, 

Vinny

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