07 April Watchlist 👀

 

Today we are watching…

1. JP Morgan (#jpm)

Jamie Dimon, the CEO of America’s number one bank, sent a letter to shareholders yesterday that wrapped up the quarter and gave him a chance to express his views about the coronavirus sell-off. He’ll be under no illusion that many investors in JP Morgan are also investors in lots of other huge American stalwarts like Coca-Cola, Ford, Boeing, and Amazon. That’s why he spoke so highly of those “betting on America.” It’s the most prosperous country in the world, and we better not forget it! Dimon also said that after the crisis is abated, we should review how we let over $20 trillion escape our portfolios in March. “There have to be regulatory changes warranted to improve our financial and economic system.” Looking forward to those!

2. Bank of America (#bankamer)

This giant Wall Street institution is giving everyday investors a vote of confidence to keep buying. The company’s Chief Investment Strategist, Michael Hartnett, says that volatility is likely to continue until normality resumes, but the lows are in. In his view, so many stocks were sold in last month’s panic that there really isn’t much left to lose, and it’s probably been overdone. Hartnett is backed up by the bank’s “Bull & Bear” indicator as well. It’s an aggregator of recommended positioning on Wall Street, and it points to buying as the smart contrarian move of the moment. A certified stamp of approval or unhelpful Wall Street noise?

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