This USB chart is almost linear since late 2011 to date. Which is very nice, and preformed just under 200% since late 2011. USB is a strong linear chart for a passive investor.
It is beginning to fill out an ascending triangle. If this ascending triangle plays out - it is either a bullish case, or a continuation pattern (for very long term investors). This ...
1. USB traced well pronounced head and shoulders pattern on D and W.
2. Other industry (finance) stocks such as GS, WFS also posted a reversal on W and M.
3. SPX500 seems to be looking south on W
TRADE DURATION and PROFIT TARGET
USB and market in general might be starting long bearish trend however here we target the distance to
- approximately ...
Ideally should be done right before trading day close but here we go.
USB is in general uptrend, so long position is sought. Initial long at 54.60 pullback stopped out at 53.50.
Second entry with half position size at 52.75 pullback level, with subsequent long at 50 if pullback reaches here. Entry at 52.75 and 50 with stop at 49 was the initial plan. Expected ...
USB hit a Weekly + Daily resistance today at 40.85 where I took September 40 Puts. Implied Volatility was cheap so I went with Singles. Also later this morning there was unusual Put volume that came across the scanner but I had already taken the trade near the open.
I find myself net short Financials going into this earnings season. That is ...
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Short $USB target $37.50 Closing Price above/below 50 Day Moving Average Bearish
Closing Price above/below 200 Day Moving Average Bearish
50 Day Moving Average above/below 200 Day Moving Average Bearish