FAS took a beating on Tuesday during the Barclay's bank conference as players revealed all the nasty writedowns on the way.
But the BofA survey of large fund managers also hit the wires, showing that the most concrete outlook is an expectation of a steepening yield curve once a vaccine is around, which directly translates into rapid growth in bank net margins....
On this one, I plan to take it to targets one, then re-evaluate
Top 10 Holdings
BRK.B - Berkshire Hathaway Inc B4.76%
JPM - JPMorgan Chase & Co4.67%
V - Visa Inc Class A3.46%
Russ 1000 Finan Indx Swap1.59%
BAC - Bank of America Corp3.08%
MA - Mastercard Inc A2.84%
WFC - Wells Fargo & Co2.20%
C - Citigroup Inc1.87%
PYPL - PayPal Holdings Inc1.36%
I'm a long term investor, who are using software with median renko and fibs to analyze charts(1 get up to 10 signals in a year), and i currently i think FAS will go higher, i would set trailing stop to distance from the price to SL.
This is for our aggressive portfolio. Watch how FAS fights to stay within its pattern. If FAS turns higher it is time to buy CALLS. 2 or 3 day hold MAX. If we break the channel to the downside, keep an eye out for PUTS. As I am writing this now the S&P Futures are lower. Wait and See. Be SMART AMEX:FAS
A very bullish sign for the Financial sector when FAS passed the double top overhead resistance at around $74.93 in premarker trading. New resistance is at $78.42 which is good for a further 3.5%. Given the events of Saturday I expect this to continue marching forward.