Betting On Investors
Investors Financial Services
(
IFIN |
Quote |
Chart |
News |
PowerRating) looks like it is beginning to
stage a rally off its 50-day moving average and an area close to the level of
the 38.2% retracement of the move from the Jan. 22 low to the Jan. 31
high.
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It is normally somewhat bearish when a stock wedges up on lower
volume, but the volume spike today on this bounce, coupled with the announcement
this morning that IFIN was acquiring Chase’s Advisory Custody Unit, as well as
issuing a secondary stock offering, tells me that insiders were aware of the
good news before it became public. In any case, seven higher highs and higher
lows is a near-term uptrend, and if it resumes out of this recent pullback, it
will provide a profitable opportunity at least for the nimble swing- or
short-term trader.
Have a great weekend!
Duke