Goldman Sachs Beats, Plans to Repurchase $8.7 Bln Worth of Stock

Goldman Sachs beat on earnings and revenue. Goldman reported $5.02 earnings per share for the quarter, beating the estimate of $4.17. Revenue also beat coming in at $8.33 billion during the quarter versus the $7.59 billion estimate.

For the first time ever, Goldman Sachs disclosed its buyback target. Chief Financial Officer R. Martin Chavez said that Goldman Sachs Group expects to spend $8.7 billion repurchasing shares from investors.
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Lloyds Banking Group Pocket Pivot Cluster On Credit Suisse Upgrade

Lloyds Banking Group chart shows a pocket pivot cluster right before today’s Credit Suisse upgrade of the stock to Outperform.
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Credit Suisse Stock Sees Heavy Buying Last Week

Heavy buying is taking place in Credit Suisse stock. Over the last 2 weeks there have been 7 bullish pocket pivot signals and the large players volume and Twiggs Money Flow is rising too.

Credit Suisse Group is a financial services company. The Company’s divisions include Swiss Universal Bank, International Wealth Management, Asia Pacific, Global Markets, Investment Banking & Capital Markets, Strategic Resolution Unit and Corporate Center. It offers a range of private banking and wealth management solutions.
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Best Swing Trading Strategy Is In Financial Stocks Right Now

The best swing trading strategy in stocks is coming from the financial sector right now. Several banking stocks look like good swing long setups after JPMorgan and Citi crush estimates.

Banking Stocks and the Best Swing Trading Strategy

In a stock screen of recent pullbacks in the strongest stocks in the market that are still near their 20 day high, banking stocks were the common theme.

Specifically, this best swing trading strategy screen is scanning for:

Price: Above 20, Average Volume: 50 SMA > 20K, Near 20 day High which limits the maximum distance to the 20 day high to 5%, Price Below SMA 10, Price Above SMA 20.

Citigroup

Citigroup presents a good setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 67.45. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 65.75, a stop order could be placed below this zone. Notice how well pocket pivot signals (blue dots) have given good entry points for swing long trades.

CNA Financial Corp

CNA is showing a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 49.03. Right above this resistance zone may be a good entry point.

Bancfirst

BANF presents a decent Symmetrical Triangle setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a very little resistance above the current price. There is a support zone below the current price at 98.69, a stop order could be placed below this zone.

You can find out more about how to use the best swing trading strategy screener here.

Heavy Insider Buying on Franklin Financial Network

Franklin Financial Network provides various banking and related financial services to small businesses, corporate entities, local governments, and individuals.

Franklin Financial Stock Chart

Chart Comments: Testing previous resistance at around $38. Inverted hammer with long upper shadow is bearish and may indicate a pullback is coming. Wait for close above $38 before long entry. Twiggs Money Flow is pulling back a little but still above 0% line. Watch where next low on Twiggs Money Flow forms, bullish if following low forms above 0% line. Big insider buying on November 21, 2016, this is the first insider buying since May of 2015. Excellent revenue and earnings growth. Attractive valuation of P/E 16.7 and forward P/E 13.4. Piper Jaffray just began coverage on November 22, 2016, with an Outperform rating.

Disclosure: I do not hold any position in this stock.

AmTrust Financial Services Huge Buying Off Multiple Bottom

Institutional traders are buying financial stocks with the idea that rate hikes are back on the table after June’s 287K non-farm payroll report.

AmTrust Financial Services is ripping hard off a multiple bottom pattern.

AmTrust Financial Services has exploded over the last 5 days just like Enova International.

[graphiq id=”8J0Na0i6rMF” title=”Amtrust Financial Services Inc. (AFSI) Stock Price” width=”460″ height=”628″ url=”https://w.graphiq.com/w/8J0Na0i6rMF” link=”http://listings.findthecompany.com/l/15937899/Amtrust-Financial-Services-Inc-in-New-York-NY” link_text=”Amtrust Financial Services Inc. (AFSI) Stock Price | FindTheCompany” ]

Disclosure: I do not hold any position in AmTrust Financial Services.