The financials are still shaping up to be a huge battle between and the weak and vulnerable Citi versus the resilient Wells Fargo. Whichever side wins out should dictate the next big move for the XLF, sector ETF. Given how extended Wells is, and the fact that Citi still appears to be on the cusp of a major bull-to-bear reversal with a move under $47, I am inclined to look at the bear case here.
Also note MS showing signs of breaking down from a bear flag this morning.
What are you trading out there?
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Chess- I have been eying the Canadian Banks. Particularly Bank of Montreal (tkr: BMO). Looks good if it can hold 65ish. These names are safer compared to the crazy momo ones everyone runs to. Any thoughts on this bad boy?
Neutral on it here.
KWK, RNN, and OA’s NVLX look interesting.
C wasn’t even able to get to it’s 20 SMA or EMA before falling back down today. If it gets below the 2/3/14 low I think you’re looking at a move down to the $44 – $45 range FWIW. Just my 2 cents!