The stock chart of STD looks very similar to the Deutsche Bank chart. This tells us that the European banks are trading in tandem with each other and the banking crisis is systemic. Traders should watch for near term support around the $4.85 area which is also the March 9, 2009 low. Should the stock continue to decline below this support area the next support level on the chart is really anyone's guess. Simply put, the stock looks dreadful on the charts at this time.
http://www.inthemoneystocks.com/rant-and-rave-blog/item/94691-the-european-levels-you-must-know
Comments
owch I own this one. You know the funny thing is spain is minority of business for them. They paid me my 10% div last month