Stocks Soar—Watch Regional Banks
10/05/2010 3:14 pm EST
One of the missing ingredients in the stock market’s rally from the September lows has been the lagging action of the financials. While the Financial Select Sypder ETF (XLF) is still well below key resistance, there have been some positive signs in the regional banks today. Comerica (CMA) is a midwest bank that looks ready to close well above its downtrend, signaling a move to next resistance at $40.20. CMA has good support at $35-$36.50. FNB Corp. (FNB) is a southeast bank which should close above the June-to-July highs today. There is next strong resistance at $9.60-$10. Good support now lies at $8.20.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.