What We're Reading

• Stocktwits: "investor say the bottom is in for gold"
• Hey, wait a minute.  Didn't StockBuz say watch for a gold (GLD) weekly right shoulder to form back in March and early April?  Even posting on the gold miners here.  We're ahead of the herd once again......maybe.   (click image to enlarge)  At least risk is minimal; stop below $120
• SINA pre-announced an earnings beat but also announced it has received two notices from Chinese regulators stating its "License for Online Transmission of Audio-Visual Programs would be revoked due to certain unhealthy and indecent content from third-parties or by users" on Sina.com and its affiliated online literature site.  Ouch!
• JPMorgan becomes the first to warn on trading revenues in Q2, expecting markets revenue to slip 20% after declining 17% in Q1.
• AAPL wins a Federal jury decision again Samsung on smart phone patients but it's a victory for Samsung with less than 10% sought, actually being awarded ($120m vs. $2bil).  The jury rejected Ap

While the market continues to digest yesterdays' comments from new Fed Chairwoman Janice Yellen that rates will begin to rise possibly as early as six months after tapering is complete (mid-2015 rather than late 2015), banks are definitely yelling pahtay with big gains across the financial sector today.

Even $C (who I normally detest) is attempting to breakout of a beautiful double bottom pattern. 

Like it or not, banks will be more willing to lend in a rising rate environment and let's face it; it's tough to make a buck when you're lending at 3%.  I would imagine this will be good for broker/dealers as well although not shown here.  Now if only we could get Congress to do away with that pesky transaction tax debate.  Life would be wonderful.

Full disclosure; I'm long JPM and loving today's action.