After failing miserably during the month of June to put together more than one day of progress, the bulls are delivering a solid day of follow-through. While the charts that I am seeing likely do not warrant an expectation for a sustained move to new 52-week highs, there is some room to run to the upside after essentially six-to-seven weeks straight down. I am seeing plenty of high beta short squeezes today, as well as generally oversold names finally catching a bid, such as CCJ and RIMM.
A chart that pretty much sums up where the broad market is right now is KOL, ETF for the coals. By no means is this daily chart a primo, top notch setup for a sustained multi-month move. However, the ETF has been slammed in recent weeks/months and has plenty of room to run, even if it is just a reprieve.
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