Chart of the Day: This Portfolio Holding Sits on Top of All the Banks
The stock is making all-time highs when others are just treading water.
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If you had to select the best name in banking/investments you might say JPMorgan Chase JPM or perhaps Goldman Sachs GS. But those two names have shown quite a bit of volatility over the last six weeks. They even came out to throw cold water on their most recently completed quarter (said earnings were likely to come in weaker than expected).
But not Morgan Stanley MS, which stands tall above the rest, at new all-time highs. That is quite a feat to pull off, but we have talked endlessly about the growth in assets, the positives of adding ETrade and the big IPOs that are on the way to market.
Morgan Stanley will report earnings next week but we'll get a glimpse of the banking group on October 11 when JPMorgan and Wells Fargo report their quarterly results.
The chart of MS is solid. The stock is in a bullish uptrend (higher highs, higher lows) and has those blue candles. On the GoNoGo composite of indicators that is bullish condition.
Stochastics (pane 4) are very bullish and embedded, which means pullbacks are being bought by dip buyers. Money flow, wow! Check out the bottom pane, that is very impressive.
We like MS here and rate it at One in TheStreet Pro Portfolio.
At the time of publication, TheStreet Pro Portfolio was long MS.
