After market today, banks traded higher. Fed has approved plans by various banks to raise dividends and buy back shares.
After the market, C jumped +2.62%; MS popped nearly +3%. GS and AXP also traded up. AXP announced a $6.6 billion share buyback plan.
After Tuesday’s steep selloff, stocks struggled to find footing, ending the day slightly in the red. But financials bounced and even energy stocks were up slightly.
Major market indices slid. Â SPX closed barely above 2040, but the Russel 2000 closed in the green. Â
Biotech (BTK) was still strong. ICPT was up over +6%. ACT gained +1.8%. MYL jumped +6.68%. I still like GEVA and KITE.  Semiconductors (SOXX) also did well, with INTC gaining +2%.
The market is very volatile right now. So, we will be much more cautious. I am not looking to make a lot of trades this week, as the intraday volatility is high. As discussed in the Market Forecast, we will be watching SPX 2050, which should be tested again tomorrow.
