After opening slightly down this morning, JPMorgan Chase (NYSE:JPM) is up 0.36% after about an hour and a half of trading. The last few days have seen steady gains by each of the Big Four banks and has been widely credited to the so-called "Tepper rally." But what exactly is that? And can we expect to see more of it today?
Tale of the tickers
First, here's a quick look at what JPMorgan's peers and the markets are up to so far:
- Bank of America is up 0.24%.
- After opening the day down, Citigroup (NYSE:C) has been on a bit of a roller-caster ride and is now trading 0.58% down from yesterday's close.
- Wells Fargo, usually the cautious laggard when it comes to moves in either direction, is up a solid 0.52%.
The markets are mixed at the moment:
- The broader S&P 500 is down 0.05%.
- The narrower Dow Jones Industrial Average has been up and down all morning, and is now up 0.01.%
- And the Nasdaq Composite is up 0.24%.
When Tepper speaks, people listen
The word "Tepper" in "Tepper rally" refers to David Tepper, the president and founder of Appaloosa Management: the enormously successful hedge-fund that returned 30% after-fees to its investors in 2012. With returns like that, when Tepper speaks, investors listen.
And speak he did, two days ago on CNBC's "Squawk Box." In general, he talked about how he was still bullish on stocks, but he called out several in particular: Citi and JPMorgan among them. Tepper noted that Citi was his biggest holding, and that he held a small position in JPMorgan.
If the Tepper rally really was in effect over the last few days, it may be petering out for the bank Tepper seems most bullish on: Citi. It's the only bank of the Big Four that's trading down today. And if it's petering out for Citi, can the other three be far behind? They're all up, but not by very much. And there's no breaking bad news to explain Citi's drop otherwise.
Nor is there any breaking good news to explain why JPMorgan is otherwise up. Which brings us to a central point about investing Foolishly: Tune out the market noise and tune into the fundamentals of the companies you're invested in.
Then check on your stock prices once a month or once a quarter, and let the market do its job and bring you the long-term gains you're really after. Get rich slowly: It's what investing Foolishly is all about.