RE: Watchlist - Traders method
US Bancorp (USB) came to my attention when I was talking to Locked In about JPM the other day and looked at the relative performance of the various financial stocks. It came out as one of the worst on the relative performance table and I put it as being in Stage 3B/4A depending on what trendline you choose to use. I like to use weekly closing prices personally and so it closed right on that last Friday and is very slightly below it today.
There is some near term support from the previous lows around the 31 zone, but the relative performance versus the S&P 500 is very weak and cumulative volume broke below it's signal line last week to go onto a sell signal, and the 30 week MA is turning down. So it looks like it could breakdown in Stage 4A and the sector started to come off last week for the first time after leading the relative performance table for many months, and so I thought one for the watchlist. Attached is my charts.
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.