Green Light on State Street

State Street's (STT) recent bull run has pushed shares to an important level. The stock has been on a tear of late and is now within one dollar of its 2011 peak. STT began this year with a gap-higher open that lifted the stock well above 2012 highs. This bullish action extended a healthy 2% move on New Year's Eve. The stock is now up more than 7% since then and is becoming overbought as the $50 level nears.

State Street (STT) Source: TradeStation View Chart » View in New Window »

After rising off last summer's healthy base, STT began a much-needed pullback in mid-September. Shares retraced roughly 50% of the August rally before an earning's inspired breakout sparked a fresh rally leg. The mid-October surge eventually carried the stock up to the heavy supply area that had previously held the March/May double-top. STT hit this level, just above $47, in mid-December before fading as the month closed. A big move on Dec. 31 ended the short-term weakness, setting the stage for a move to new highs....172 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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