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7 Big Bank Stocks Getting Clocked by Trump Chaos

A nonstop flow of negative White House headlines is pushing back rate-hike hopes, stalling the market and crushing bank stocks

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Bank Stocks Getting Slammed: JPMorgan Chase (JPM)

Bank Stocks Getting Slammed: JPMorgan Chase (JPM)

JPMorgan Chase & Co. (NYSE:JPM) shares had been holding up well following its first-quarter earnings. When it last reported results on April 13, the bank reported better-than-expected earnings of $1.65 per share (12 cents ahead of estimates) on a 9% increase in average core loans. Revenues jumped 6.2% from the prior year period.

Now, however, JPM stock is dropping to test its year-to-date support range between $82.50 and $85. Similar to some of the other names on this list, JPMorgan is tracing out a massive, if somewhat lopsided, head-and-shoulders reversal pattern.

If violated with a break of its neckline support — again between $82.50 and $85 — it would result in a downside target of around $71, which would be a 17% drop from here as some of the Trump-related optimism is deflated.

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Article printed from InvestorPlace Media, http://investorplace.com/2017/05/7-big-bank-stocks-getting-clocked-by-trump-chaos/.

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