Since the Federal Reserve Chairman Powell indicated that the interest rate cut will come later than expected, the stock market has continued to decline amid multiple bearish news. The Fear & Greed Index has shifted from “greed” a month ago to “fear”. The American bank stocks have fared poorly. Except for $Goldman Sachs(GS)$ and $Morgan Stanley(MS)$ , most of major banks missed their estimates and declined after earnings. $JPMorgan Chase(JPM)$ fell the most, declining by over 6% in response to disappointing net interest income. $Wells Fargo(WFC)$ , $Citigroup(C)$ , $Bank of America(BAC)$ also followed the downtrend. My strategy is to buy low this earning season. Take a que from Singapore banks’ stock all breaking out and jump higher these days.
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