EarningsBeats Digest

Published: Mon, 03/15/21

EarningsBeats.com Digest for March 15, 2021

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It's Hard To Argue With An All-Time High, But I'll Give It A Shot

CIT Group (CIT) had been near $50 per share before, but every prior attempt failed. We saw multiple intraday moves above 50 in 2018 and a couple more close calls in 2019, but never - NOT ONCE - had CIT closed above $50 per share. Well, not until the last 3 days of last week. CIT finally made that breakout as financials (XLF) have taken on a leadership role in 2021. Here's the long-term technical view of CIT:

I highlighted two important breakouts from last Friday in my Trading Places blog article yesterday titled, "2 Breakouts That Could Provide Tremendous Upside". I think both of those stocks could perform extremely well in the near-term now that they've navigated important resistance. CIT is in this same category, but I will suggest a bit of caution. CIT has been downtrending vs. the S&P 500 and is just now trying to break that downtrend. Also, volume on the move higher and breakout has been suspect. Therefore, I'd be more inclined to believe in the breakouts of the two stocks in the article. I'd be more confident of CIT if volume were to accelerate and we saw a relative breakout.

Happy trading!

Tom Bowley

Chief Market Strategist

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