A drop to 2575.00 then would be another 67 points under today's low making for a move then on the QQQ's to about 56. Astoria Financial is the holding company for Astoria Federal Savings and Loan Association. With almost 90 branches in New York City and upstate New York, the thrift targets individuals and regional businesses. The company originates mortgage loans in about 15 East Coast states. Subsidiaries of the thrift are involved in real estate, mutual funds, and tax-deferred annuities.
Investors continue to pile into defensive stocks as the tech slide becomes more and more pronounced.
With long term interest rates on treasuries trending downward and the likelihood of a Fed rate reduction on the horizon, financial institutions should prove to be a safe haven for investors. ASFC is one such institution. In fact 34 out of 38 days have been positive moves. Obviously, I don't know if the stock will continue to head in the same direction but, momentum is definitely on its side. Historically, when the 10 DMA is upward sloping and intersects with the 50 DMA, the stock price makes a relatively decent run.