The Dow Jones closed at 12777.09 which is up 203 points on Friday the 13th. Lets look and see why the market was up so big today, we are in earnings for the 2rd quarter and Bank of America earnings came out and they made a profit of 5 Billion profit which included a $4.4 billion trading loss on synthetic credit derivatives. Now you can not tell me that the bank are not making money. Wells Fargo also reported earnings today they rallied 3.2% after reporting a 17% rise in profit. Maybe it is time to start to look at the financials to see what the charts are telling us.
In looking at the sectors rotation on Finviz.com over the last 3 to 6 months the financial sector has been in 5th place I am going to keep my eye on them to see when I need to get into them for trading.
If you want to see what companies are reporting earnings you can go to earnings.com. There are good opportunities to trade with earnings but you also need to be aware of the risk trading on earnings.
They say that Friday the 13th is a bad day with lots of bad luck it seems that the market needed Friday the 13th to be lucky and wipe out 6 days of the market going down. We can thank the banks for the good earnings that they reported on this lucky Friday 13th.