The broader averages were mixed on Friday with the S&P 500 and the NASDAQ closing in the green and the DJIA putting in a marginal loss. The action was actually optimistic due to the renewed upheaval in the Middle East that caused oil prices to surge. Typically, spiking oil prices have made the equity market shutter, but the market took it like a champ.

One of the better performing sectors over the last four months has been the Banking sector. Bank of New York (BK) has made a strong run over the last month and has gained sponsorship with the institutions. Notice that Thursday and Friday the stock took a little rest. What I am looking for on Monday is renewed buying. If Fridayââ,¬â"¢s highs are taken out, another upleg should begin.

Bank of New York (BK)

With the markets stuck in a sideways channel, trading may be trickier than normal. Be cautious and make sure you use your stops to protect your principle and profits.

Disclaimer
The article submitted to the Tiger Shark Publishing LLC is presented for informational purposes only and should not be construed as a solicitation to buy or sell securities or securities derivatives of any kind, nor serve as any type of investment advice or strategies. Actual results may differ greatly from expressed opinion. The author expresses a personal opinion and will not assume any responsibilities of the action of the reader.

Tom Incorvia is a swing trader with 18 years of experience in the financial markets.  E-mail him at tincorvia@gmail.com.