PNC daily July 16th
PNC (PNC Financial Services Group) will trigger a short entry on any move below 84.52 (today’s low). The sole profit target, T1, is 78.20 with a suggested stop above 86.70. Additional downside targets may be added depending on how the broad markets, the regional banking sector & of course, PNC trade going forward.
Typically, my preference is either to trade,long or short, a sector ETF or a handful of the individual components of that sector with the most bearish or bullish technicals. One of the primary benefits of trading an ETF in lieu of individual stocks is the diversification (many holdings) and efficiency (one round trip commission vs. multiple trades) while the benefit to trading the most bullish or bearish components of a sector is the potential to outperform the actual sector as going long an ETF gives you exposure to both the best as well as the worst performing names in the sector, ditto when shorting. PNC, as well as the previously posted FRC, are both components of the KRE etf that stand out as potential short trade candidates at this time. Additional individual short candidates in the sector to follow.