The following video provides the near-term & intermediate-term outlook for the financial sector via XLF & several of the largest financial companies, including an update on the XLF Active Swing Trade.
An overview of the financial sector etf, XLF, along with the technical outlook for the largest financial stocks. The following securities are discussed in this order: XLF, BRK.B, JPM, WFC, BAC, C, GS, USB, MS & AXP along with key support levels & price targets.
AXP daily Oct 15th The AXP (American Express Co.) short trade hit the final target, T3 at 78.67, yesterday for a 14.4% gain from the entry price of 91.94 on July 28th. Consider booking full profits as the R/R no longer warrants remaining short at this time.
AXP daily Aug 1st AXP (American Express Co) hit the first target, T1 at 85.85, for a quick 6.6% gain from the short entry a week ago today when the stock crossed below the 91.95 entry trigger. In the previous post, I had stated T2 (84.10) as my preferred target although I very well may decide to ride the full position down to at least T3, the current final target at 78.67, depending on how AXP, the rest of the financial sector, and the broad markets trade going forward. click here to view the live, annotated chart of AXP [...]
AXP daily July 25th AXP (American Express) will trigger a short entry below 91.95 (this morning's reaction low). My current preferred swing target at this time is T2 at 84.10 with a final target, T3 at 78.67. Suggested stops would be dependent on one's preferred profit target(s), using an R/R of 3:1 or better. Note: AXP is scheduled to report earnings next Tuesday, July 29th, after the close. Click here to view the live, annotated chart of AXP
The following short trades will be moved to the Completed Trades category. While none of these trades reached their final price target, many of these trades did hit one or more profits targets before bouncing & exceeded their previously suggested (or any reasonable) stop level(s). As the charts on some of these trades still remain longer-term bearish, feel free contact me if you are following any of these trades & I will be glad to post or email and updated chart with comments. There are a few Active Short Trades under review that may be removed soon as well but the [...]
Today earnings-induced jump in AXP (American Express Co.) has pushed the stock right into the upper-wedge trendline while further extending the divergence on the MACD & RSI. T2 remains the preferred swing target with a suggested stop slightly above today's highs. Note how the 13% correction in AXP back in May 2012 was preceded by negative divergence on both the MACD & RSI with the RSI making a lower overbought peak high... similar to the current technical posture of the stock today only the divergences are 3-4x larger. Updated daily chart.