State Street Continues to Slide
State Street (STT) is extending last week's earnings-inspired breakdown today. The stock opened this week with a gap-lower open, pushing the post-second-quarter-report loss to more than 10%. The 6.4% drop last Tuesday attracted extremely heavy trade, dropping STT down to key support at its 200-day moving average. The stock stalled here at midweek but took another steep hit as last week closed. State Street was well below its 200-day and deeply damaged by late Friday.
Early in today's session, STT re-tested its June lows. This area, just above $39.25, is the upper layer of a major support band that has played a key role since all year. The stock based here in January before following up with a re-test in February. STT made a healthy bull move off the February lows, one that carried the stock all the way up to the $47.00 area. The stock traced out an ominous double top at $47.00 during the mid-March to early May period....175 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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