Despite overbought conditions and some anti-QE jawboning from The Fed yesterday, most of the market continues to grind higher. A pat on the back form Goldman was enough catalyst to lift shares of Citi Group to even loftier overbought levels. And overall the financials continue to behave well and it could be keeping a steady bid in the marketplace.
I’m losing coin on my LULU shares and zooming out to the weekly chart it looks like momentum is slowing to the upside. I may regret not selling today, but I want to see about getting better prices early next week.
We’re not seeing the island reversals many expected and the small caps continue to rock higher suggesting risk tolerance. My only action today was to sell my ATML runner as a sacrifice to the rally gods.
Completely Aside: Spirit Airlines went out of their way this morning to catch my spirit and funnel it into their clunky jet engines, rendering me without flight. The kind people of Southwest who seem to love me have shoveled my remains off the tarmac and sent me on my way. Rot in hell Spirit Airlines, trade to zero.Comments »