NEW BULLISH Plays
Financial SPDR - XLF - close: 14.66 change: -0.01 stop: 14.15
Why We Like It:
After the closing bell tonight news hit the wires that Bank of America (BAC) was signing the paperwork to pay back the TARP funds. This should be interpreted as a bullish development for the banking sector and stocks could rally on this news. BAC itself said it will eventually raise more capital so instead of buying BAC I'd rather buy the XLF. On a short-term basis the XLF is still under a trendline of resistance.
I'm suggesting a trigger to buy small bullish positions at $14.85, which would be a breakout over multiple layers of resistance (namely the trendline and the 50-dma). If triggered at $14.85 our first target is $16.40.
Entry on December xx at $xx.xx <-- TRIGGER @ 14.85
Change since picked: + 0.00
Earnings Date --/--/-- (unconfirmed)
Average Daily Volume: 82 million
Listed on December 02, 2009