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Industry: Banks Closing
Price: 28.76 Avg. Vol.: 4,191K
Company Profile: U.S. Bancorp is a diversified financial
services company that provides lending and depository services,
cash management, foreign exchange and trust and investment
management services. The Company also engages in credit card
services, mortgage banking, insurance, brokerage, and leasing.
U.S Bancorp operates in the Midwest and Western United States.
Chart Setup: Weekly Pristine Breakout (PBO). USB has
been consolidating for the last three months after a bullish
move in May. USB is in a weekly uptrend, and the May move
rallied about 80% of the way to the prior highs, and has
now based, through time rather than pulled back through price.
This is bullish. Also the relative strength to base here
while the market has struggled is a plus. This play will
only be valid if it hits by Aug 27th, in 2 weeks.
Trading Strategy: We will look to buy USB over $29.05
with a protective stop under $27.45. We will look for a move
of $3.50-$5.50. MEDIUM RISK.
Core Trader Update: Review of all current open plays:
CMI is currently on a big support area; bring stop up to
$64.99 on the back half to lock in $7.00. Target is still
$72.15. Lower the stop on the back half of the SMH short
to $31.01 to lock in $6.30 or 17% of the stock price on the
back half; the target is still $26.30. HPQ gapped down nicely,
the targets are still $16.65 and $13.65, but we will lower
the stop to $17.26 to lock in $3.40 or 13% of the stock price.
MAT, lower the stop to $17.81 which is break even as there
is a nice daily pivot there and it is having a hard time
moving lower. Targets still $14.75 and $11.75. EBAY is no
change; stop is under $71.40 and targets of $91.50 and $99.50.
XLB has not triggered and is now invalid.
SERVICE NOTE: As we make way for a new and improved version
of a Core Trader service, this will be the last issue of The
Pristine Core Trader. If you should require further help with
updates on previously taken positions, please email simon@pristine.com.
For questions regarding your subscription status, please contact staff@pristine.com.
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