Small caps are running, Chinese loto names are on fire, and it seems every oscillator in the world is screaming overbought.
The futures are indicating a lower open so today will be a pretty good test to see just how strong this bull really is. I am still seeing a ton of great looking breakout charts, but at the same time know that the next move is ultimately lower. So where does that leave us?
Well, $GS continues to be a good tell on market direction and the ($FXY & $FXE) currency markets still lead the way.
When in doubt, fall back to my favorite $TZA, which will protect you from downside if you are long. And, if you are looking to add shorts, take a look at $RL, the chart looks like death.
Now on to BP. They did just what the market wanted to see on Wednesday, they cut the dividend cut and set up a bond. The stock spiked higher on heavy volume and was active in the user note section of The PPT. I’m sure there will be more action for day traders today, so keep it on the radar, for it is the new $AIG.
Don’t be Bobby the bull.
If you enjoy the content at iBankCoin, please follow us on Twitter
Indeud.
Indeud. +1
Why is etfcD sucking so much cock? especially with their mortgage delinquincys decreasing 10% in may!
why? do you really have to ask why a company that went to zero and did a reverse split/ticker symbol change is sucking a d? Because I for the life of me can’t think of a single reason at all.
haha i understand that, however the stock price is almost where it was at when the company was in a shitload of trouble and almost bankrupt…and now that it has slowly improving, the stock price has not?
why bother with a distressed company that isnt even breaking out? if the co is better and the share price worse doesnt that suggest that either a) the co isnt better or b) the perceived improvements are not being valued by the market?