ALGO Update: Stay Short SunCorp

Shares of SUN hit a 3-week low of $13.43 as the downside momentum in local financial names continues to increase.

SUN announced today that they will snug interest rates higher on all variable rate home loans next Wednesday due to higher funding costs.

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Our ALGO engine triggered a sell signal in SUN on November 10th at $14.05.

We will look to cover short positions near the February low of $12.45.

SunCorp

 

 

Author: Todd

Todd has worked in the financial industry for 20 years. During this time, his primary focus has been in the Foreign Exchange, Global Equities and Fixed Income areas. Todd has also served as a Judicial Advocate in several tax cases in the US Federal Court.