Market Overview

The Steady Trader: 1 Stock To Watch After Yellen Opens Her Mouth

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The Steady Trader Serge Berger commented that American Express Company (NYSE: AXP) “got punished on February 12th after the company announced it will no longer be working with Costco as of March 2016.”

The stock fell from $86.00 on February 11 to nearly $77.00 by February 17. Since February 11, the stock has fallen 5.64 percent and traded at $81.03 on Tuesday.

Berger looked at the stock through a technical lens and noted that “the sell-off on February 12th marginally pushed the stock below its October support levels, and that was enough for the stock to spring back higher.”

According to the expert, “Barring another news-event, AXP now looks set to work higher and into the down-gap from February 12th toward the mid $80s.”

Since February 11, Discover Financial Services (NYSE: DFS) is up 3.49 percent and recently traded at $60.83.

Capital One Financial Corp. (NYSE: COF) was up 4.55 percent over the same time period and recently traded at $80.56.

JPMorgan Chase & Co. (NYSE: JPM) also made gains since February 11 and was up 4.14 percent. The stock recently traded at $60.88.

Posted-In: Serge BergerFederal Reserve Exclusives Trading Ideas

 

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