SouthTrust Corporation is a regional bank holding that operates through its subsidiary bank, SouthTrust Bank, and its non-banking subsidiaries. SouthTrust operates 641 banking offices located in Alabama, Georgia, Florida, North Carolina, South Carolina, Tennessee, Mississippi and Texas. SouthTrust is engaged in a full range of banking services, and through its bank-related subsidiaries, also offers a range of other services including trust, mortgage banking, leasing and brokerage services.

April 19, 2001

SouthTrust Corporation is a regional bank holding that operates 641 banking offices in nine states in the southeast. The company provides banking, trust, mortgage, leasing, and brokerage services. Shares of SOTR have performed well despite a tough market. On Thursday, the stock hit an all-time high of $47.20, representing 90% gain over the past year. SOTR is moving higher on news of a rate cut from the Fed, a strong earnings report, and a 2:1 stock split, payable on May 11th. We believe that SOTR may be ready for a split run now that most of the major banks, have announced earnings and the Fed has become more aggressive. From a technical standpoint, SOTR has support at Wednesday’s intra-day high of $46.41 with additional support at $45.41, the 5-dma. Resistance is Thursday’s intra-day high of $47.20 and then possibly $48 or $50. Look for entry points on a bounce off of $46.41 or a breakout above $47.20 on volume of at least 500,000 shares by noon. We plan to set stops at $44 to limit potential losses.

Picked on April 19th @ $46.96
Change since picked +0.00
Stop Loss @ $44.00

April 26, 2001

SouthTrust Corporation broke out of its trading range on Thursday. Shares of SOTR hit an all-time high of $48 before pulling back to a close of $47.63 on heavy volume of 1.52 million shares. SOTR has now made three consecutive higher lows along with two higher highs after a test of support at the 10-dma. SOTR may be ready to begin a split run as we move closer to the 2:1 split, payable on May 11th. From a technical standpoint, support is the April 19th intra-day high of $47.20 with additional support at $46.44, the 5-dma. Resistance is now up to Thursday’s intra-day high of $48 and then possibly $49 or the $50 mark. Traders may consider starting new plays a bounce off of $47.20 or a breakout above $48 on volume greater than 500,000 shares by noon. Our stops remain at $44.

Picked on April 19th @ $46.96
Change since picked +0.67
Stop Loss @ $44.00

April 24, 2001

SouthTrust Corporation has been consolidating in the $44-$47 range after hitting an all-time high last Thursday. On Tuesday, shares of SOTR traded to an intra-day high of $46.76 but the stock reversed directions along with the rest of the market. The stock ended the day at $45.96 on volume of 755,000 shares. SOTR has lost its short-term upward momentum and volume is trending lower. On the positive side, the long-term trend remains in tact as we approach the 2:1 stock split, payable on May 11th. SOTR may need a volume surge to push the stock to new highs. Going forward, support is the 10-dma at $45.55 with additional support at $44.93, the 20-dma. Resistance has fallen to Tuesday’s intra-day high of $46.76 and then the all-time high of $47.20. Look for a bounce off of $45.55 or a move above $46.76 on midday volume of at least 500,000 shares before opening new positions. We are keeping our stops at $44 to limit potential losses.

Picked on April 19th @ $46.96
Change since picked –1.00
Stop Loss @ $44.00

April 22, 2001

SouthTrust Corporation opened in negative territory on Friday and stayed there for most of the day. Shares of SOTR ended the session at $45.81, just one penny above its intra-day low. Volume was on the light side, with 801,000 shares crossing the tape. The stock was due for a round of profit taking after hitting an all-time high on Thursday. However, as mentioned, the move came on light volume so SOTR should be able to recover as we get closer to the 2:1 stock split on May 11th. Until then, support has come in at the 10-dma at $45.35 with stronger support at the 20-dma, currently at $44.93. Resistance is holding steady at Thursday’s intra-day high of $47.20 and then possibly $48 or $50. Traders may consider starting new plays on a bounce off of $45.35 or a breakout above $47.20 on volume greater than 500,000 shares by noon. Our stops remain at $44.

Picked on April 19th @ $46.96
Change since picked –1.15
Stop Loss @ $44.00