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Boom times for banks\?

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Earlier this morning in the hot list on PremierMarkets.com, shares of Amsouth (NYSE:ASO) caught my eye as the stock looked to be breaking out of a wedge on its bar chart. That then got me looking at the S&P Banks Index (BIX.X) of which ASO is a component of. Talk about a vertical count and bullish price objective. This might be a place where traders and longer-term investors might be keeping an eye on for bullish trades.

S&P Banks Index (BIX.X) - $5 box

With a bullish price objective of $830 and a recent triple top buy signal and breaking of downward trend in late March, there are not too many things that look bearish in this index. Later today we'll have a write-up for a potential trade in shares of Amsouth (NYSE:ASO) and perhaps some other stocks in the group.

Jeff Bailey
Senior Market Technician

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