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Sunday, September 19, 2010

MF, C and AAPL (details)

Here is the detail surrounding the trades mentioned Friday:

1. MF - The fundies are improving, as per the last conference call, and when I saw the Press Release that they plan on hiring thousands of brokers I liked it. Corzine and his team are seasoned guys with plenty of connections. They will be hiring seasoned, money generating players that will directly impact the top and bottom line. I really liked the news. Been waiting on the chart to increase the position I sold off. Look how the stock action trends upward while the overbought condition of the Slow Stoch eases. To me, this consolidation while maintaining price action is bullish. So I bought back the position I sold off.

2. C - While the action in the XLF and JPM give me more of a mix signal, and suggest broader financials my push down before they march upward, the Citi chart is different. Citi looks to want to maintain its uptrend via its SMAs. C may lose this trend if it is hostage to the index movement. But if the market gets a pop due to a shift in sentiment from Obama, Citi should pop with it to 4.2 or higher.

3. AAPL - For the record, I would love AAPL to consolidate more (and I will not hesitate to add), but there are indications it might not. Or it will consolidate higher. On Friday we saw the initial resistance from the top end, and the resistance was not much. With a stable market, AAPL will keep charging higher. The weekly suggests it will move higher until the Red line of the Slow Stoch move well past 80, and chills there for a bit.

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