iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
18,854 Blog Posts

Markets Are Overbought — And That’s a Good Thing

We broke out of the downward channel and now threaten to menace short sellers with great vengeance and alacrity.

Over in Exodus — we’re overbought. But based on this stress level over the past 36mos, 85% of the time gains were enjoyed.

Bottom line: This is a high probability trade, even if it lasts for a few hours during tomorrow’s tick tock. The shares I bought today, late in the afternoon, are all subject to my whims and how I’m feeling in the morning. Maybe I’ll wake up moody AF and sell them all. Or perhaps I’d get all patriotic, don an American flag around my back, and continue to hold BABA and my other holdings. Like I said earlier, there’s no fucking way “The Fly” can lose — so get it out of your thick and ugly skulls. I’ll be dancing on graves first thing tomorrow morning.

If you enjoy the content at iBankCoin, please follow us on Twitter

9 comments

  1. fxtradepro

    What are the statistics of an overbought within a bearish trend signal from exodus? Overbought within a bullish trend and overbought within a bearish trend are 2 very different animals.

    • 1
    • 0
    • 0 Deem this to be "Fake News"
    • acehood

      We’re in a bullish trend moron, from Dec. 24 to present.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
    • numbersgame

      “Overbought= Buy more stocks” does not work in a bearsih trend

      This is just a conicidence. The Bullish driver is surprise Day 3 of China talks. The general read on this is that they are ironign out details, so the marekt is pricing in trade war ending or at least getting a lot better.

      That’s why Micron is spiking, even after the Samsung forecast.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  2. mspm

    That downward channel is rubbish. Seem to have missed a few candles there pal. Was that taught at the Phoenix University school for TA? Try again. Counter trend rally, nothing more. I do agree we may see higher fwiw.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. ericbakerbruce

    Why is Gundlach so ugly?

    • 0
    • 0
    • 0 Deem this to be "Fake News"

Leave a Reply