[originally published February 22, 2018 on medium]
Regardless of the bullish narrative for Bank Stocks (rising interest rates, improving earnings, stronger balance sheets, etc…), it all comes down to price. As my friend Brian Shannon @alphatrends says: “Only Price Pays.” And all the information a swing trader needs to know when looking at a daily chart of $FITB is that price has been steadily climbing, with minor fits and starts, since June.
And now HOLLY has spotted something under the hood that caught her attention with the stock treading just below 12+ year highs.
Good enough for me. We’ll be adding $FITB to the HOLLY Hot List tomorrow. And with a late day pullback today, we’re feeling even better about entering at the opening print of tomorrow’s trade.
SWING TRADERS: With decade-plus new highs in sight, big cap $FITB is on HOLLY’s radar and we’ll be adding it to the @tradeideas HOLLY Hot List at tomorrow’s open. https://t.co/0jtsUNxyyl pic.twitter.com/CL5rZXn4AS
— Sean McLaughlin 📈 (@chicagosean) February 22, 2018
As with all swing trades in this portfolio, we’ll be trailing the price action with a stop loss set at 20% below the highest print we see while tracking this position.
HOLLY Hot List Portfolio Update:
No exits this week, and most positions have been seeing gains this week as the market bounce of February correction lows continues.