May 29 2018 - Banks Send S&P Lower

Bank stocks took it on the chin today, with Morgan Stanley (MS) down 5.75%, JP Morgan (JPM) losing 4.27% and Citigroup (C) dropping 3.99% (all on a spike in volume). The selling pressure from the financial sector sent the SPY back below its 20-day EMA for the time being. Bonds (TLT) on the other hand, rose sharply higher and closed above their 200-day SMA.

We also discuss STT, NTRI, KODK, CAR, HTZ, NFLX, COHR, OLED and more.

Have a great day!

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