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State Street Corp.

Nearest Resistance: $44

Nearest Support: $39

Catalyst: Earnings

Another earnings name today is State Street Corp. ( STT), the $20 billion trust bank whose clients are predominantly other financial institutions. State Street reported numbers yesterday that were largely in-line with estimates, posting a 7% increase over 2010's fourth quarter earnings. While shares gapped down hard yesterday on the news, they're being bolstered today (along with the rest of the industry) by Bank of America's ( BAC) swing to profitability this morning.

State Street's bounce off of $39 support yesterday was a positive signal (it means that shares are able to catch a bid in spite of selling pressures), but yesterday's capitulation is still a major factor that traders should be watching. If shares can make their way above $42, shareholders should feel much more comfortable about upside in this stock.

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