Bull Market Will End Without Big-Bank Leadership
Value Level: Price at which to enter a GTC limit order to buy on weakness. The letters mean; W-weekly, M-monthly, Q-quarterly, S-semiannual and A-annual.
Pivot: A level between a value level and risky level that should be a magnet during the time frame noted.
Risky Level: Price at which to enter a GTC limit order to sell on strength.
Bank of America (BAC) ($12.14 vs $11.88 on Feb 6) -- missed EPS estimates by three cents earning $0.20 per share on April 17. The weekly chart shifts to negative with a close this week below the five-week MMA at $12.06. My semiannual value level lags at $9.01 with a monthly risky level at $14.00.Citigroup Inc (C) ($45.87 vs $42.92 on Feb 6) -- beat EPS estimates by $0.11 earning $1.29 on April 15. The weekly chart profile stays positive with a close this week above the five-week MMA at $45.00. My annual value level is $33.19 with a monthly risky level at $51.61. Fifth Third Bancorp (FITB) ($16.75 vs $16.51 on Feb 6) -- beat EPS estimates by a nickel earning $0.44 on April 18, then set a multi-year high at $17.04 on April 30. The weekly chart profile stays positive with a close this week above its five-week MMA at $16.43. My monthly value level is $16.50 with a semiannual pivot at $16.87 and monthly risky level at $17.40. Huntington Bancshares (HBAN) ($7.06 vs $7.12 on Feb 6) -- beat EPS estimates by a penny earning $0.17 on April 17. The weekly chart profile stays negative with a close this week below its five-week MMA at $7.15. My quarterly value level is $6.19 with a monthly pivot at $7.09 and weekly risky level at $7.47. JP Morgan Chase (JPM) ($48.01 vs $48.79 on Feb 6) -- beat EPS estimates by $0.21 earning $1.59 on April 12. The weekly chart shifts to negative given a close this week below its five-week MMA at $48.23. My semiannual value level is $46.82 with a weekly pivot at $48.51, and monthly risky level at $53.67.
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