One big bank is not equivalent to the other.
“We need to see those break topside of that, start to reverse some of those downtrends and also advancing above some of those declining moving averages for this to be a more sustainable move,” he said, turning next to the blueprint of Morgan Stanley.
“When I look at this, we’ve already done the downtrend reversal,” Johnson, who runs Piper Jaffray’s detailed research group, said in the same “Trading Nation” interview.
“We’re starting to see that this stock has been bring off in some very low levels, some lower lows, lower highs in here, and it’s really starting to reverse the downtrend,” he asseverated. “To me, Morgan Stanley’s the most attractive-looking name of those names that are going to be reporting next week, so … that would be the one we’d be blurring on right now.”
Shares of Morgan Stanley gained over 4 percent in Friday’s trading session. The company is expected to suss out earnings on April 17.
Disclosure: Joule Financial has positions in J.P. Morgan and Wells Fargo. Piper Jaffray makes a vend in the security of, and will buy and sell the securities of Citigroup on a principal basis.