Are Financial Stocks Rising From The Dead?

March 19, 2012 by Thomas Mullooly

On a point and figure basis, from the viewpoint of a financial advisor, are Financial stocks — and possibly the entire financial sector — the modern day Lazarus, rising from the dead? What does this mean for a fee only investment advisor in New Jersey?

This entire sector of financial stocks has been left for dead by the side of the road for well over three years. But their recent action is making us pay attention. We do not know if this “is merely a bump along the way lower, or the start of something a little more positive. As in all cases, when the charts change, we will change.

But here is the most important take-away: some of these charts are starting to move back in positive trends. And the market has continued to move higher in recent months WITHOUT the participation of financial company shares.

If the financial stocks sector is truly re-awakening, this market could — emphasize could — have a longer run ahead of it.
In this video, we take a quick peek at the charts of the following companies:

Citigroup (C)
Bank of America (BAC)
JP Morgan (JPM)
Morgan Stanley (MS)
Goldman Sachs (GS)
Barclays PLC (BCS)
BB & T (BBT)
USBancorp (USB)
Wells Fargo (WFC)
PNC Financial (PNC)
NY Community Bank (NYB)
Bank of NY/Mellon (BK)
Banco Santander (STD)

Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that the future performance of any specific investment or investment strategy will be profitable or equal to past performance levels.

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If you are relying on a blog post for specific investment advice, you are making a huge mistake. Please speak with an investment adviser before making ANY investment decisions.
If you do not have an investment adviser, we encourage you to contact Mullooly Asset Management at 732-223-9000, or through our website. Under no circumstances should the content discussed here to be considered specific investment advice.

About Thomas Mullooly

Thomas Mullooly is owner and founder of Mullooly Asset Management, Inc. In 2002 Tom opened Mullooly Asset Management, a fee-only investment advisory firm. As an investment advisor, and not a broker, Tom works strictly for his clients. With the help of point and figure charting, Tom builds a realistic game plan for clients.