Get into banking stocks before it is overbought !!
This friday JPMorgan reported profits which were stronger than analysts had expected,which resulted in a run for banking stocks.While profit to stay alive hopes that stocks more room to run higher, the increase in bank shares sector indices put under pressure to near resistance levels, that may signal a resting place for the shares in the holiday-shortened week.
I think this rise will continue but traders must be watchful,upcoming results might be more intersting.As a trader my outlook is to remain watchful and keep an eye on upcoming results,book profits and leave the table as soon as market looks overbought,as things are not like it were before…
Trader Post by Harshi