I joked around inside Exodus today saying that $FAZ has the best chart in the whole market, a bull flag. For those unfamiliar with $FAZ, it is the inverse ETF that tracks the financials, and gives you 3X leverage on downside.
In a rising rate environment I don’t understand why the financials are having so much trouble here. Is there another shoe to drop? Or is this the dip to buy in the financials as we head into 2019?
I don’t know, and would love to hear some feedback in the comment section. One thing is for certain, tomorrow we likely test the recent lows, so buckle up. Just take a look at the recent action here:
Some names to watch should we see a bounce in the financials are $JPM & $WFC, both of which landed on our oversold screen today. Some other names to watch from that screen include:
As for momentum, the shippers had it today, along with the following tickers from our MOMO Screen:
Do we bounce tomorrow? Your guess is as good as mine. I will say this though, if you are looking for a good weed stock to tuck away, you may get a gift should $CGC continue to pull in here. I don’t care what “Seeking Alpha” says. Keep it on watch.
See you guys at the open.