A Glance At $MS
Despite terrible economic news and questionable business practices, Morgan Stanley continues to rise, remaining well above the 2008 lows. The lack of volume on up days tells me there is little conviction amongst buyers, and that sellers are marking up prices, which will exhaust demand for the next leg down. All the same, until MS begins to trade below 5sma, there is no compelling reason to get short.
I suspect there will be more bank problems across the board as uninformed bureaucrats take an eternity to make decisions they have no expertise in. Buyers beware, the government is not trying to save the equity markets, so the stimulus may not prevent nationalization or other such measures.
There is a good amount of resistance around 28, and potential support near 12, creating a massive trading range that is better exploited on smaller time frames.