Bank of New York's December Rally Continues

Bank of New York (BK) has been trending steadily higher since Dec. 5. With today's early 2% gain, it has surged more than 8% off this month's lows. At current levels, the stock is trading just pennies shy of its November peak. With a move past $25.35, BK will be in fresh 52-week-high territory. Volume has been relatively light of late, but the price action has been very bullish. I expect new highs soon.

Back in October, Bank of New York put in one of its best one-day performances in nearly a year. After a stellar third-quarter earnings report, shares spiked more than 5.5% on very heavy trading. After moving past the March/April peak, BK closed the session at fresh 52-week highs. The stock struggled to put distance on the $25.25 area in the following weeks and eventually left behind a monthly double top in October and November....190 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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