0HLQ trade ideas
A good proxy for the Banksit appears Bank of New York is heading for new high. For the very very big picture not shown here, we can see that from its all-time high printed in 2001, BK has only declined in a very choppy overlapping manner highly suggesting it is a counter trend move telling us eventually BK will move above 62. Now the question is are we going there right now or we are going to keep riding a roller coaster for many years before taking off for good ? I just don't know.
So let's rather focus on the very short term picture as it is very clear, one more little push above 48 to end a nice impulse wave from 39. We see it as part of a larger impulse wave that requires a series of 4's and 5's wave before we call it a day. Therefore once above 48 some kind of correction will emerge. Again, it should be shallow but just be aware of the alternate count that calls for a more bearish scenario once current rally is over. It is absolutely possible that at the 2015 high we started a contracting triangle and in this case it would be perfectly asymmetrical. So it is a possibility we have to keep in mind.
Markets are patterned but they sure don't come with the labels....Just trade accordingly.
Bank of New York Mellon Corp. – BuyAfter trading range-bound for quite a long time, Bank of New York Mellon Corp stayed within the price band of 35.60 – 38.55 seen in late 2006 and is now finally attempting to start moving upward. The gauge broke out of a diamond that shaped up within this gap to the upside, and the path toward the historic 50 mark is clear. Investors are advised to buy from the bound of the diamond that was broken near the 40.30-40.40 range towards the abovementioned target.
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found strong support in the lower medium-term bullish channel The Bank of New York (BK) found strong support in the lower medium-term bullish channel and the mean of 200 days located near 37.00 - $ 36.90, which, while this level is not broken down even could speculate further increases towards the middle and upper part of the channel in the first and 41.60 $ 40.00 - $ 42.00 later with previous highs. No additional increases in the medium term are discarded pointing to $ 45, a major stumbling block along the top of the figure in question technique.
The scheme increases will remain alive while 36.90 lows are not exceeded. Otherwise, progress mentioned would be postponed and alerting for continuity adjustment towards the 35.00 - $ 34.50 and even $ 33.00, with lower supports.
Getting LONG BK based on a Unusual Options ActivityThe Bank of New York Mellon Corporation provides various financial products and services worldwide and the stock has been under performing the stock market, but I think it is time to rip to the upside. Today we saw a trader buy almost 10,000 BK Sep 35 Calls for $1.08 which was over 6.0 times the normal volume in a day and control over 1 Million Shares of Stock. We continue to see bullish activity in the KRE, so I bought these Calls for $1.09 as this trader is making over a $1 bet in this stock.
