Large Banks Soar Since Assange Arrest - Voice of the People

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Large Banks Soar Since Assange Arrest

This morning Bank of America Corp. (BAC) is surging to the upside by 0.35 cents to $13.34. The stock has now rallied higher by 20.0 percent since November 30th, 2010 when it was rumored that a Wikileak cable was going to report negative news for the stock. Ever since the Wikileak founder Julian Assange has been arrested all of the large bank stocks have jumped higher.

J.P. Morgan Chase & Co. (JPM) has traded higher by nearly 12.0 percent since November 30th, 2010. Wells Fargo & Co. (WFC) has climbed higher by 17.0 percent from the same time. Today the large banks are the strongest sector in the market continuing to trade higher all morning.

The highly popular Financial Select Sector SPDR ETF (XLF) has recently broke out on the daily chart. The XLF is now approaching the $16.00 level which is a 10.0 percent increase from its November 30th, 2010 low. The XLF will have some daily chart resistance around the $16.50 area. 

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BANK OF AMER CP (BAC): Free Stock Analysis Report
 
JPMORGAN CHASE (JPM): Free Stock Analysis Report
 
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
 
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