Trade Ideas SLF

With markets on the retreat in afternoon trading, the level of buying as seen on the Trade Ideas scan was markedly down; 8 picks covered a time span of 31 minutes. Only one pick was able to make it over 20 appearances: Jones Apparel Group (JNY).

The one pick which was making a more regular appearance on the scan this afternoon was Sun Life Financial (SLF) at 16 appearances. It is not a traditional breakout given the current move reversed off resistance from a rising channel, but this could to shape a handle between $42 and $44. Worst case scenario for bulls is a full retracement to rising channel support, somewhere around $40. As for an upside target, look to $51, which is similar to the point-n-figure target of $52 (part of a November 3rd triple top breakout). The stock pays a 2.5% yield.

Sun Life Financial, Inc., a diversified financial services company, provides savings, retirement and pension products, and life and health insurance to individuals and groups in Canada, the United States, the United Kingdom, and Asia. It also operates mutual fund and investment management businesses, primarily in Canada, the United States, and Asia. Its product portfolio comprises individual life insurance, individual annuity and saving products, group life and health insurance, group pensions and retirement products, mutual funds, asset management services, individual health insurance, and reinsurance-life retrocession.

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