Market Overview

Something Is Terribly Wrong: Markets Spike To All Time Highs...Again


The markets surged higher today, erasing the large downside move from yesterday. The SPDR S&P 500 ETF Trust (NYSE: SPY) hit a high of $159.81, taking out the previous all time high of $159.72. While the markets continue to hit all time highs, something is terribly wrong.

The financial stocks cannot catch a bid. As the markets hover at all time highs, the financial stocks retreat. Today alone, JPMorgan Chase & Co. (NYSE: JPM) is trading at $47.91,  -0.10 (-0.21%) while markets sit sharply higher. JPMorgan Chase hit its 52 week highs on March 14th, 2013. Since then, the stock is almost down 10%. Other financial stocks like Goldman Sachs Group, Inc. (NYSE: GS) and Bank of America Corp (NYSE: BAC) are the same.

Something seems to be wrong here. The financial stocks are key to leading this move up and they may be  telling of a dark cloud brewing over the markets. Be warned. 

Gareth Soloway

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Markets Trading Ideas


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