Banks stocks attracted strong buying support after Bank of America (BAC) announced its plan to take a fourth quarter provision of approximately $3 billion related to the repurchase obligations of residential mortgage loans sold to GSEs. As such, the Financial Sector SPDR (XLF) advanced 2.2% to 16.30 – a new 52-week high.
Shares of Blackstone Group LP (BX) jumped 4.5% on more than double the daily average volume to close at 14.79. This is bullish from a technical perspective. In fact, as the chart below indicated, the stock could climb up and test the 50% Fibonacci retracement after breaking out from the so-called bullish flag pattern. Just so that you know, initially profiled in our May 26, 2009 “Swing Trader Bulletin” BX had gained more than 35% and remained well position.
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