As the President likes to let everyone know, the stock market is on fire right now. JPMorgan Chase & Co. (JPM - Get Report) is the best financial services equity to own, Chaikin Analytics head Marc Chaikin told viewers during TheStreet's 2018 Stock Kick Off webinar.
JPMorgan's stock is actually Chaikin's bullish stock of the week due to increased interest in the stock market due to the current bull market. But he warns that investors shouldn't wait to get in on the stock and any pullback is a signal to buy.
"The asset management business has become more important at Goldman. Gross margins are getting squeezed as Goldman searches for a fee bottom," Chaikin said. The bank has gone from charging fees of 95 basis points for mutual funds to 12 basis points for ETF fees. The bank is searching for a fee bottom, which is a bad sign until they figure it out.
Action Alerts Plus holding JPMorgan shares were up 0.56% to $115.76 in afternoon trading.
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