Crunching the Numbers on Bank Earnings Season: JP Morgan, Wells Fargo, Citi
NEW YORK (TheStreet) -- Regional and money center banks have traded lower since the Federal Reserve reported the results of the first round of stress tests on March 21. Today I update the tables we showed in "Mega-Chart! Regional Bank Earnings Season" on April 3.
Today's "Crunching the Numbers" tables provide updated moving averages, key levels and earnings expectations for the 24 bank stocks in the KBW Banking Index (I:BKX). See page 2 of this article for the charts.
The first table provides the five major moving averages and stochastic readings. Note that 20 of 24 of these banks are lower since March 21, led by "too big to fail" Bank of America (BAC) and Citigroup (C), which are down 5.4% and 5.8% respectively since those first stress test results. Capital One (COF) has the biggest gain but is only up 1.2%.Note that 18 of 24 are now below their 21-day simple moving averages, which are warnings from the daily charts. Eight are below their five-week modified moving averages, which are warnings on the weekly charts. (CBSH), Cullen Frost (CFR), US Bancorp (USB) and Wells Fargo have traded to new all-time highs when the banking index is just above its 50% Fibonacci retracement and well below its 61.8% retracement.
Bank of America ($16.62, down 5.4% since March 21) traded as high as $18.03 on March 21, then traded as low as $16.19 on April 7. It is below its 21-day and 50-day simple moving averages at $17.11 and $16.86. The weekly chart shifts to negative with a close on Friday below its five-week modified moving average at $16.79. A semiannual value level lags at $10.69 with a quarterly pivot at $16.53 and monthly and weekly risky levels at $16.72 and $16.88. Citigroup ($47.16, down 5.8% since March 21) has been below its 200-day SMA at $50.17 since March 26. It traded to a 2014 intraday low at $46.12 on April 8. The weekly chart is negative, with its five-week MMA at $48.26, and with a monthly value level at $46.06. An annual value level is $21.86, with a weekly pivot at $47.21 and semiannual and quarterly risky levels at $48.06 and $49.61. JP Morgan ($59.27, down 1.5% since March 21) set a multiyear intraday high at $61.48 on March 25, then traded as low as $58.25 on April 8 and is just below its 21-day SMA at $59.41. The weekly chart is positive, with its five-week MMA at $58.75. Monthly and quarterly value levels are $56.06 and $54.47 with a weekly risky level at $60.85. Wells Fargo ($49.49.10, flat since March 21) set an all-time intraday high at $50.49 on April 4, then dipped to $48.44 on April 8. The stock is above all five key moving averages shown in today's tables. The weekly chart is positive but overbought, with its five-week MMA at $48.07. Quarterly and monthly value levels are $47.33 and $46.67, with a weekly risky level at $50.41.
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