Should move lower in the next couple of days with the broader market. Why?
Parabolic move in the last 30 days.
Overbought - Daily/Weekly RSI 80
Money flow Index at multi-year highs
1.3 times the book value, expensive compared to other financials
No support until $49 - $51 level
Initial PT - 51.5
The stock price is nipper/kean. STT doing great things like laying off workers and outsourcing the jobs. Does wonders for the local economy.
I sure hope you're right and this takes focus away from the 'patweets', my favorite team, they have gweate players dere. How's Aaron Hernia? Whitey Bulger? And most importantly the duped 1, Booby Krap?
As of now, STT did not set a new high (HOD was 56.59, lower than last week's 56.61) when practically most of the other major financial did (GS, JPM, MS, BK) and so did XLF
Every thing looks toppy at this point. I expect the market to correct 3-5% in the next 2 weeks and XLF will move to $17 by Mid Feb. for option expiry. If XLF corrects 5% expect STT to correct 8%-10%.
A reversal might even happen today toward close. But, a XLF close of 17.49-17.5 would confirm my theory.