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Bank Breakout Signals the Next Move Up

By Jim Cramer

 About this article:
 This financial breakout is most unexpected by the technicians and the fundamentalists who have been saying that the group is stalled out and has no place to go. I have been saying that we are using the exact playbook of 1990-1992, when the spurt and sputter and then spurt again occurred. I believe we are completing the sputter phase and feel strongly that the breakouts of the range of Wells Fargo and JPMorgan Chase are precursors for the next leg. We don't have a lot to go on right now. We have a thought that Richard Kovacevich wouldn't be retiring from his job as chairman of Wells if things weren't hunky dory at the bank or at least more hunky and dorier than the bears think. We know that Citigroup withstood a huge sell and didn't give up its big gain. We know that the secondaries have...

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