JPM

Financials last 24 hrs off earnings: $GS red $JPM red $WFC red $MS red $BAC red $C red OUCH!!!!

We complain about prices but keep swiping. @jonnajarian points to JPMorgan $JPM credit card spending, up 10% to $539B in the quarter, as proof the middle-class consumer is still resilient, on N@NewsNation with C@ConnellMcShane #ITSNOTANOPTION 📙 🎟️ #RebelCon2026 w/ @jonnajarian @petenajarian M@mxlesq — Vegas, Oct 19-21 at C@CircaLasVegas 👉 https://tinyurl.com/8zcjumak

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Q3 2026 earnings season got underway with reports from JPMorgan $JPM, Goldman Sachs $GS, Citigroup $C, and Wells Fargo $WFC, delivering a mixed but generally resilient picture for the banking sector. Goldman Sachs led the group with a standout quarter, posting its second-best revenue quarter ever as equities trading surged 72%, while Citigroup reported its strongest third quarter in a decade, driven by strength in services, wealth management, and equities. JPMorgan delivered a rare earnings miss despite raising its 2026 net interest income outlook, and Wells Fargo beat on earnings but missed on revenue. Across the sector, banks continued to describe the U.S. consumer as resilient, highlighted ongoing AI-driven corporate investment, raised or maintained optimistic net interest income expectations, and pointed to strong equity trading activity, while cautioning that sticky inflation, higher-for-longer interest rates, elevated valuations, and geopolitical risks remain key challenges heading into 2027. 2. Bank of America said 10-year U.S. Treasury yields may need to approach 6% before investors meaningfully rotate out of stocks and into bonds, according to its latest Global Fund Manager Survey. The survey found 76% of respondents expect the Fed to leave rates unchanged in October, while technology allocations climbed to their highest level since August 2020 and long semiconductors remained the market’s

$KBWB (bank ETF) -12.4% from 8/14 through yesterday while S&P +0.3%. Expectations were low. But despite mixed results, $JPM -0.9%; $WFC -3.1%; $C -5.6%; $GS -0.2% all fell today w/ KBWB -1.4%. I remain circumspect into Q3 earnings given the poor start from this important sector.

$JPM proves higher yields pay the spread business, not the fee business. Net interest income rose 13% to $27.1B. Markets revenue rose 15% and investment banking fees 14%, at or under September's guide. Adjusted EPS: $5.75 vs about $5.90 expected.

📺 WHY TRADING LESS IS THE RIGHT APPROACH NOW + BANK EARNINGS + CAN $NVDA, $MU & $SNDK BOUNCE BACK? + $META STILL STRONG + $TSLA STUCK IN CHOP The market remains close to all-time highs, but beneath the surface, momentum is deteriorating, breakouts are failing, and former leaders are breaking down. This is NOT an environment to force trades. Sometimes doing less is the smartest strategy. * $SPY remains less than 2% below all-time highs, supported by a handful of mega-cap leaders. But $QQQ is weakening, and many individual stocks are struggling. Watch $773–$775 on $SPY as an important near-term support zone. The indices look healthier than the average momentum stock. * Bank earnings are coming out. $JPM initially dropped $8 following earnings, with losses extending to $11 as the stock slipped below its critical 200-day moving average near $325. Failure to reclaim that level could weigh on financials and broader market sentiment. UPDATE: $JPM above $340. Banks tend to be noisy after earnings, so waiting a day or two for clearer direction makes sense. I don't have $JPM $GS or $WFC. * I exited semiconductor positions last week after $SNDK failed reversal signaled trouble. Its subsequent break below the 50-day confirmed deteriorating momentum. $MU also suffered a significant bull trap, with its 100-day moving average becoming the next important downside reference. $NVDA delivered one of the weakest breakouts to new all-time highs we've seen in a major leader. It