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As we all know, market made a strong rally led by financial sector today. I've been expecting a rally (post on 7/10), but was surprised by the strength of financials. GS, JPM, BAC & C will release earnings this week. From TA, market expects GS, JPM & BAC to have good ERs. I was struggling to decide on GS or BAC for long positions. Well, I finally picked GS because it's been on uptrend since March and the technical pattern looks poised for a breakout. BAC is more risky. I know BAC will probably rise more, but I still like the relative stability that GS offers. So I added 10% position of GS as my long positions stand at 40%. Broad market is still under pressure as S&P is still below EMA20. Hope this week's ERs will keep market going up and eventually breaking above EMA20 for uptrend. |
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