Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

An Update on Bank Stocks: Bank of America and Citigroup

By

There is no reason to own more than one money center bank.

PrintPRINT

MINYANVILLE ORIGINAL This morning Bank of America (NYSE:BAC) broke out to a yearly high of $10.22. My firm alerted Minyanville readers back on August 23 to buy this name as it went to a Strong Buy. Bank of America has been the strongest money center bank based on our proprietary indicator, and it is the only bank rated a Strong Buy (5). We can hypothesize that money is flowing into BAC as housing related stocks and housing derivatives like Home Depot (NYSE:HD) are becoming extended and richly valued.

In other banking news this morning, Citigroup (NYSE:C) announced that it will be cutting 11,000 jobs, moving the stock 3.82% higher. We would recommend reducing exposure if you own this name and swap into BAC. There is no reason to own more than one money center bank.


Click to enlarge


Click to enlarge


Click to enlarge

For more from ChartLabPro.com, click here.
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE