We sold TCF Financial Corporation (TCB) today at $11.20 at 10:00 AM EDT in our Real Time Alerts. For the original trade, we bought TCB at $11.10 on October 12 at 3:23 PM EDT.
In today’s no volume market, we remained cautious holding onto long positions. On red tape, we’ll look to buy back into TCB by following the wisdom of Financials Sector Head Josh Steiner. Steiner originally wrote about TCB as a long idea on September 25:
“One name that should be a quiet beneficiary of this trend is TCF Financial (Ticker: TCB), which has 40% of its residential mortgage exposure in Minnesota and another 14% in Michigan. Minneapolis and Detroit are actually the second and third strongest markets in the country, respectively, on a YoY HPI basis. Moreover, the bottom tier (bottom third) of Minneapolis is up 23% YoY, which is a better proxy for TCF's exposure.“
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