Earnings Bevy:

Financial earnings have been coming in hot and heavy as of late. Most names have reacted well, and some of that has been that the stocks were so oversold. SYF jumped more than 6% Monday recapturing its 50 day SMA for the first time since mid-January. BAC added more than 3% Monday as well. FITB in the regional space almost 5% Tuesday as well and recouped the round 40 number, as it has traded in a rough range between that and the very round 50 figure since January. SI another regional play advanced by double digits Tuesday after a well-received earnings report. Tomorrow we will hear from Nasdaq before the open and it has acted well compared to exchange peers ICE and CBOE. Below is the chart of SCHW which was a former general in the finance arena and it surprised to the downside falling more than 9% in the strongest daily volume in at least the last one year period showing just how caught off guard shareholders were. There may be a good risk/reward situation setting up with a CLOSE below Monday’s intraday low of 72.90.

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