State Street Is Surging
Gary S. Morrow | Mar 03, 2021 01:53PM ET
Another jump in yields has sparked a sharp rally in banks. The KBW Bank Index is up 2.5% in today’s early going. State Street Corp (NYSE:STT) is one of a number of big gainers in the sector. Shares are up just shy of 4% as the March rally extends to 10%. This morning, the stock is piercing a key overhead trendline (links previous two monthly highs) as it heads for 2021’s best close.
STT has been trading in a fairly narrow range since the Nov. 9 vaccine ramp. A close above $81.00 would take out the top band of this consolidation.
STT is far from overbought despite trading near multi-year highs. Daily MACD has been trending near neutral since early February.
We believe STT is set up well for a retest of the 2020 high($86). On the downside, a close back below this week’s low ($74) would indicate more range bound action is ahead.
Note: We are long STT in some managed accounts.
You can read Gary S. Morrow's original post here.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.