TRADE OF THE DAY: TCB

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. 

 

TRADE OF THE DAY: TCB  - image001

 

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.“

 

Trade Of the Day is a note we put out each weekday highlighting a trade that occurs in our Real Time Alerts product. Every trade is timestamped for accuracy and full transparency. If you’re interested in getting the whole picture behind the trade and our real time ideas and alerts, check out the sign up page


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