Technicals are looking mighty good on RDN. XLF wants to go higher also. Today we again tested the low made on 5/23/2011 (horizontal trendline)and held it. The 4.25 level looks to be the next level of support of which we are building cause to run to possbily $6.25. Recent pullback from highs is on much lighter volume and the there was a constant bid today for the stock. Dont be surprised if she runs before options expiration.
AIG, and BAC also look like they want to break out to new highs. Financials might just keep this market up for now. They were way oversold last year on European debt fears and double dip in housing. Look for the XLF to break $16 bucks on a close and BAC and RDN should follow. Consolidation for RDN has been happening for around 8 days....so may two to three more days of this and we move higher. However, Major averages must hold up.