The financials are a very diverse group with many sub sectors to monitor. Last year basically the only area to behave bullish were the exchange names. Times have changed recently with the banks and credit card plays leading the charge. Many have reported earnings as of late and with the lowered expectations they have more the most part flourished. The sector certainly received a boost on 2/12 when Jamie Dimon, the well known CEO of JPM stepped to the plate to purchase a sizable stake in his own firm. The XLF the next session completed a bullish morning star patten and the healing has been underway ever since. Investors want to see this group continue to thrive and its addition to the rally has been important. Below we look at some names that have taken part in the euphoria and precisely how they appeared in our daily Game Plans.
In our Monday 4/18 Game Plan we looked at FRC. This name serves the San Francisco area and when news came out a couple weeks that housing prices have stalled in the region and this bank did not falter was a good sign. A well received earnings report on 4/14 thrusted this name to all time highs and it is now more than 3% above the recommended entry.
Stocks that can be bought at the round numbers are FRC. FRC is a bank leader higher by 7% YTD and 24% over last one year period. Earnings momentum solid with gains of 3.5 and 3.4% on 4/14 and 1/14 after a gain of .5% on 10/15 and a loss of 1.1% on 7/16. The most recent reaction did take out a double bottom with handle trigger of 68.51 but was unable to CLOSE above the round 70 number although intraday it hit a high of 72.63. Friday took care of that achieving an all time high and its first finish above 70. FRC this week rose a very respectable 9.9% this week breaking away from a tight 5 week stretch ending between 3/11-4-8 which all fit within the 3/4 weeks 6.8% advance. Enter on a pullback toward round number at 70.25.