NEW BULLISH Plays
Fifth Third Bancorp - FITB - close: 11.52 change: +0.53 stop: 10.49
Why We Like It:
Banking stocks have displayed relative strength this year. Investors were a little nervous ahead of this morning's financial crisis committee in Washington but the sector rallied once the meeting began to wind down. I suspect that bank sector earnings could be a lot better than expected and JPM reports earnings on Friday. JPM's results could reignite the rally for banks.
I like FITB because the stock is showing relative strength. Traders bought the dip this morning at $10.69. FITB rallied to new 52-week highs on very strong volume. I'm suggesting we open small bullish positions now (half your normal trade size). This is going to be a short-term trade. We'll plan to exit ahead of the January 21st earnings report just to be safe. Our first target is $13.00.
Entry on January 13 at $11.52
Change since picked: + 0.00
Earnings Date 01/21/10 (confirmed)
Average Daily Volume: 12.7 million
Listed on January 09, 2009