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5 Big Financial Stocks You Should Buy in June

Toronto-Dominion Bank

Toronto-Dominion Bank (TD - Get Report) is showing traders an almost identical pattern to the one in JPMorgan right now. Like JPM, TD Bank broke its uptrend back in April and corrected hard as early sellers took their gains and weak hands got forced out of the stock. Now, with sellers getting exhausted, a textbook inverse head and shoulders pattern is forming in shares.

Also like JPM, the inverse head and shoulders in shares of TD is a short-term setup, but it could very well lead to a more meaningful move higher. The neckline level to watch for the TD trade is $78 -- that's the price that connects the tops of the setup. A breakout above $78 means buy TD.

Lest you think that this pattern is less useful since it's so well known, think again: an academic study conducted by the Federal Reserve Board of New York found that the results of 10,000 computer-simulated head-and-shoulders trades resulted in "profits [that] would have been both statistically and economically significant."

That's a good reason to keep an eye on both JPM and TD this week. I'd recommend placing a stop just below the 50-day moving average on this stock.

I also featured TD earlier this week in " 5 Rocket Stocks to Buy as Spain Gets Bailed Out."
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AXP $76.85 -0.58%
COF $74.99 -0.41%
JPM $61.96 -0.10%
PRA $49.78 0.36%
TD $40.41 0.70%


Chart of I:DJI
DOW 16,782.31 +5.88 0.04%
S&P 500 1,978.13 -8.92 -0.45%
NASDAQ 4,731.0990 -50.1650 -1.05%

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