We will watch these MarketSmith 250 Growth stocks going forward, as many of the candidates from the financial services sector break out. With money center banks, like JPM, BAC, C, GS, PNC, and MS reporting last week. most regional banks have followed suit, breaking out of bullish bases/patterns.
Summary
Relative strength in the financial services and banking group is noteworthy, as it points to a stronger than anticipated economic environment.
MarketSmith Growth 250
These stocks are breaking out. Look for follow through over the next few days, as they push away from solid basing patterns.
Waiting until after earnings are reported allows a better analysis of future prospects, so we wait until after earnings to pursue new positions. Be sure to follow sound buy and sell rules to minimize your exposure.
Citizens Financial Group
Citizens Financial (CFG) formed a base with a 51.24 buy point. Now that earnings have been reported, we’ll look for follow through. Entry is based on a first-stage cup without handle.
The company has a 89 Composite Rating and earns the No. 24 rank among its peers in the Banks-Northeast industry group. Customers Bancorp (CUBI), Metropolitan Bank (MCB) and Northeast Bancorp (NBN) are the highest rated stocks within the group, so we’ll watch these stocks as well.
Tesla (TSLA) reported better-than-expected third-quarter earnings Wednesday, after already posting record deliveries for the quarter and strong China sales, despite chip shortages and supply-chain bottlenecks. Tesla stock edged lower in after-hours trading.
Join us today in the trading room for our LIVE broadcast during market hours, as we trade these financial services stocks while navigating the current environment. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
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