My entry on this position stunk, no doubt about it. But there was really no way to play it other than to put a buy-stop on it as soon as it hit $22.40 (breakout price). However, what I wasn’t expecting to see was the head fake the the bears gave us, by erasing most of the day’s gains in that stock. However, I’m sticking with it for now – my stop is pretty tight, and don’t need to tighten it any further at this point. Overall on the day, I am up about 1.7% which is a bit ahead of the market returns. As a whole, regional banks haven’t really been major participants in the market’s latest rally, but is showing signs similar to the breakout pattern found in ZION that leads me to believe that we could see a breakout in this industry in the days ahead.
Here is my chart analysis on ZION.
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