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Community Banks Remain Reluctant To Lend

Farmers Capital Bank (FFKT) ($22.00 vs. $20.04 on May 9) is well above its 200-day SMA at $14.71 with a weekly pivot at $21.89 and monthly risky level at $22.31, which was tested at the multi-year high at $22.92 set on June 6.

First M&F (FMFC) ($15.50) is well above its 200-day SMA at $10.27 with a monthly pivot at $15.59 and weekly risky level at $15.77, and a multi-year high at $15.88 set on May 22.

Bank of the Ozarks (OZRK) ($43.51 vs. $41.76 on May 9) has been downgraded to hold from buy. My monthly value level is $42.26 with an annual pivot at $43.44 and weekly risky level at $44.77.

Provident Financial (PROV) ($15.87 vs. $16.23 on May 9) has been downgraded to hold from buy. My semiannual value level is $14.19 with a weekly pivot at $15.24, the 200-day SMA at $15.85 and quarterly risky level at $17.10.

Sterling Financial (STSA) ($21.90) is just above its 200-day SMA at $21.51. My monthly value level is $20.89 with a quarterly pivot at $21.35 and weekly risky level at $22.64, and the multi-year high at $23.50 set on May 28.


United Community Banks (UCBI) ($11.93 vs. $11.26 on May 9) has been downgraded to hold from buy. The bank is trading above its 200-day SMA at $9.81 with a weekly pivot at $12.12 and monthly risky level at $12.52, and the multi-year high at $12.37 set on June 3.

At the time of publication the author held no positions in any of the stocks mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

Richard Suttmeier has an engineering degree from Georgia Tech and a master of science from Brooklyn Poly. He began his career in the financial services industry in 1972 trading U.S. Treasury securities in the primary dealer community. In 1981 he formed the Government Bond Department at LF Rothschild and helped establish that firm as a primary dealer in 1986. Richard began writing market research in 1984 and held positions as market strategist at firms such as Smith Barney, William R Hough, Joseph Stevens, and Rightside Advisors. He joined www.ValuEngine.com in 2008 producing newsletters covering the U.S. capital markets, and a universe of more than 7,000 stocks. Richard employs a "buy and trade" investment strategy and can be reached at RSuttmeier@Gmail.com.
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