Canadian Banks - Money Flow to TDInteresting that Royal, Bank of Nova Scotia, CIBC, BMO, and National were all down today while TD was up all day, closed higher, and is higher in after hours. With all the law firm press releases on this board again today, you'd have thought TD would be down and the other banks all up.
I mentioned a few days ago that the bank gainers like RBC were now over priced and money would likely soon start flowing into TD's very cheap shares. Well, it looks like money is starting to move out of the bank gainers and into TD.
Now, we just need the TD U.S shares chart to get above the oversold line on the RSI (to confirm a new breakout is underway) and then hang on for a swift move up. Today's little bump up was just a test to see how much profit taking would occur.
Watching the Level 2 quotes, there were several huge blocks (one at nearly ~80K shares) on the sell side that got taken out quickly today and so the big boys are acumulating again.
The next couple of days are going to be interesting and I wouldn't be surprised to see TD break $80 by week's end and above $82 next week. This thing has been so beaten down that it's like a coiled up spring. When that spring lets loose, there's gonna be a lot of woulda, shoulda, coulda on this board.
My opinion only, please DYODD.
HB77