NetBank’s up about 5% today off of a lukewarm upgrade:
NetBank upgraded to Mkt Perform from Underperform at FBR on valuation; tgt $9 (via Briefing.com)
So they put a $9 target on a stock that closed at $8.96 and it pops to $9.45… they may have to downgrade it mid-day. 
I suspect that this move is being caused by a short squeeze. I agree with Adam in that NTBK looks like a short. However, I’d wait for it to show some weakness before jumping in. For a perfect set-up it would start to roll over right at resistance and its stochastic would be in overbought territory.
Update: Here’s a longer term view that shows the longer-term downtrends more clearly:
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I have to disagree with your read here . . . it will break the downtrend on about double volume after forming a double bottom, so that reads as bullish to me. Also, I realize fundamentals don’t count here, but the company is in there buying stock every day and the price is around book value.
I don’t know if we disagree about what it’s doing today. I agree that it’s broken the recent downtrend, which is why i drew the blue line. But there are still longer term downtrends in place. The 50 and 200 DMAs define those downtrends. Until one, or maybe both, of those are broken I wouldn’t want to be long NTBK.
If you look at the last three years, the stock has never gone below about $9, and it has always been a buy at this level. So it might tag the downtrend line again, agreed, and there is large overhead supply, but I don’t see it going back below $9.
Hey Mike-
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