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

May 3, 2001

SouthTrust Corporation posted a small gain on Thursday despite a generally weak market. Shares of SOTR hit an intra-day high of $46.95 before pulling back to a close of $46.36 on light volume of 721,000 shares. Volume has declined over the past two days. What’s more, the stock has tested the 20-dma in each of the last three sessions and it held every time. SOTR may be able to rally, as we are now just 6 trading days away from the 2:1 split, payable on May 11th. Until then, support is the 20-dma at $46 with stronger support at $45.45, the April 23rd intra-day low. Resistance has moved up to the 5-dma at $47.01 and then the April 26th intra-day high of $48. A bounce off of $46 or a move above $47.01 on midday volume of at least 500,000 shares may be possible entry points. Our stops remain at $44.

Picked on April 19th @ $46.96
Change since picked –0.68
Stop Loss @ $44.00

May 1, 2001

SouthTrust sold off after hitting an all-time high during Monday’s session. On Tuesday, shares of SOTR traded to an intra-day low of $45.86 before bouncing back to a close of $46.52 on volume of 1.34 million shares. The stock has slipped back into its $43-47 trading range and has closed below the 10-dma for the first time since April 17th. However, SOTR was able to hold the 20-dma and the volume has been trending higher over the past four sessions. The stock could be blowing off steam before resuming its split run into the May 11th payable date. In the meantime, support is the 20-dma at $45.85 with additional support at $45.45, the April 23rd intra-day low. Resistance has come in at the 10-dma, currently at $47.43, and then the April 26th intra-day high of $48. Traders may consider opening new positions on a bounce off of $45.85 or a move above $47.43 on volume greater than 500,000 shares by noon. We are leaving our stops at $44 to limit potential losses.

Picked on April 19th @ $46.96
Change since picked –0.44
Stop Loss @ $44.00

April 29, 2001

SouthTrust Corporation has posted gains in each of the last three sessions as the banking sector gains momentum. On Friday, shares of SOTR traded to an intra-day low of $47.03 before reversing direction late in the session. The stock finished the day at an all-time high of $48.60 on volume of 1.26 million shares. SOTR is heating up as we approach the 2:1 split, payable on May 11th. The stock has made four higher highs coupled with higher lows. The volume is also picking up, so SOTR may just continue to move higher into the payable date. Until then, support is Thursday’s intra-day high of $48 with stronger support at $47, the 5-dma. Resistance was taken out on Friday, so new resistance may show up at $49 or $50. Look for a bounce off of $48 or a breakout above $49 on midday volume of at least 500,000 shares may be possible entry points. We are keeping our stops at $44 as downside protection.

Picked on April 19th @ $46.96
Change since picked +1.64
Stop Loss @ $44.00