14Apr11:09 amEST

John Pierpoint Morgan Versus Henry Wells


In addition to Berkshire Hathaway, JPM and WFC represent the top three holdings by weight in the XLF, financial sector ETF.

After earnings the morning, JPM is moving higher out of tis recent consolidation, albeit off the morning highs, while WFC could easily be breaking down, seen respectively on their daily charts, below. 

At issue is whether both banks can continue in these directions. To my eye, Berkshire is still the main key to the financials, and that stock is moving with Wells lower this morning. 

And let us not forget the other company which Henry Wells founded: AXP, another financial complex name whose stock has been weak for quite some time and is red this morning. 

In sum, it is hard to see JPM outweighing the weakness in BRK.A and WFC, not just this morning but given their technical setups to potentially break lower. 

Goldman Sachs, a top six holding in the XLF, could break the tension later this week with its own earnings reaction. 

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