(1) Relatively stable. Swing trade worked.
(2) No material panic on horrendous mortgage banking mess. Calm is the theme.
(3) Thus, if there's any slightly positive operational improvement the stock might be ready for a serious rally.
Can't stress the significance of market calm in the face of a 36% QoQ drop on mortgage loan origination. INBK tanked from $30 all the way to low 20s on slightly severer mortgage banking downturn. Market remained calm on CFNL on very bad news, implying a bottom at $16 or so level. So the base formation is really solid.
Fundamental support for the action: investor confidence in CFNL's unparalleled asset quality and the Great Washington metro area economy. Now, CFNL has become the area's largest community bank.
Swing trade aside, I'm adding at support on each market turmoil. CFNL has stood out and will continue to do so in market turmoils.