Can you say “what the Financials.” staying in tune with the market is why you want to have access to The Brown Report and you will see why after this analysis of the Financials.
The Financials really broke out today and if you have been setting alerts like we have been talking about, then your phone and email were ringing off the charts today.
So let’s start with the Direxion Daily Financial Bull (ticker symbol FAS). This will be somewhat of an advance analysis but stick with me here. Below is a snap shot of the “FAS.”
The “FAS”/Direxion Daily Financial Bull is a Fund that targets the Financial Services Index of the Russell 1000 index that measures the performance of the securities classified in the financial services sector of the large cap U.S. equity market. (In lam en’s terms it is an index that measures only the financial stocks out of the 1,000 the are included in the Russell 1000).
So why is this important, well as you can see the “FAS really broke out today on heavy volume. So you can guess what that means, there were probably a lot of financial stocks breaking out today so lets take a look at some charts.
See our previous analysis on “BEN” and you will see why this stock is the gift that keeps on giving.
Goldman since the beginning of the year has been in an uptrend. A little sideways consolidation before the break out is always nice to see. looks like this one has more room to run.
Even JP Morgan Chase came to the party.
Last but not least Bank of America showed up to the party as well.
Notice a theme here? The index that measures the financial stocks broke out and thus we were able to find four of many financial stocks that broke out ranging from $100+ to as low as $8 bucks. Trades can be found no matter how small or large your account is.