analystcoverage...'s  Instablog

The banks have been on a steady rise since we introduced them to the higher high/low lists in June. Despite the world falling apart they managed to consistently make higher highs and higher lows until forced short covering and stop loss buying was triggered during the first period of September which would have been the time to take profits. Normally this would also indicate that the trend was going to reverse; which it did for a whole 2 weeks until earnings. 12 stocks out of 36 being tracked made the higher high/low list; 7 of which were banks.

Bank of America (BAC)

BAC failed to surpass the gap up high of $9.79 set in the first period of September. The trend may reverse.

Oct 01 to 15, 2012 $9.65 to $8.85US

Sept 16 to 30, 2012 $9.49 to $8.70US

Sept 01 to 15, 2012 $9.79 to $7.93US

Aug 16 to 31, 2012 $8.40 to $7.83US

Bank of Montreal (BMO)

There was no gap up so doesn't really apply to this thesis although it has managed to surpass the Oct 1st to 15th's period high.

Citigroup (C)

C is on fire. The Gap up high of $35.25 has been left in the dust.

Oct 01 to 15, 2012 $36.70 to $32.70US

Sept 16 to 30, 2012 $34.54 to $31.88US

Sept 01 to 15, 2012 $35.25 to $29.53US

Aug 16 to 31, 2012 $31.12 to $28.31US

Goldman Sachs Group (GS)

GS may be range bound as it hovers over the gap up high of $122.60. Risk/reward is an issue here.

Oct 01 to 15, 2012 $124.61 to $116.40US

Sept 16 to 30, 2012 $121.11 to $111.90US

Sept 01 to 15, 2012 $122.60 to $105.24US

Aug 16 to 31, 2012 $107.34 to $102.23US

HSBC Holdings plc (HBC)

HBC has seen a slow steady climb without any gap up. $38.56 in June to the current $49.00 is nothing to sneeze at.

JP Morgan (JPM)

JPM is another which has bucked the trend and may very well follow in the footsteps of HSBC with a slow steady climb. The gap up price $42.09 should be the number to watch.

Oct 01 to 15, 2012 $42.64 to $40.42US

Sept 16 to 30, 2012 $41.76 to $39.70US

Sept 01 to 15, 2012 $42.09 to $36.78US

Aug 16 to 31, 2012 $38.86 to $36.67US

Royal Bank of Canada (RY)

RY is playing catch up to the other Canadian Banks although most of the Analyst targets have been achieved or quite close which are at
analystcoverage.org/ry.htm . The gap up took place at the last earnings release and the stock hasn't looked back.

Oct 01 to 15, 2012 $57.89 to $56.61Cdn

Sept 16 to 30, 2012 $56.90 to $55.67Cdn

Sept 01 to 15, 2012 $56.63 to $54.66Cdn

Aug 16 to 31, 2012 $55.79 to $52.58Cdn

Aug 01 to 15, 2012 $52.81 to $50.45Cdn

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.