RSI and MFI headed towards overbought, seems like the market is setting up for a pump and dump. Gap direction depends entirely on PCE numbers premarket, but I'm not gonna play it because I think the Feds go .5% hike regardless. GDP and unemployment numbers show the economy can withstand another hike, and the market keeps pumping commodities.
What's interesting is that RTY isn't rallying, most garbage stocks are flat today. Tech garbage is up though.
If they pump hard premarket tomorrow, I think there will an opportunity to fade the gap on small caps, especially garbage stocks. Regardless of gap direction, it does appear that we will see some sector rotations tomorrow, so watch out for that.
What's interesting is that RTY isn't rallying, most garbage stocks are flat today. Tech garbage is up though.
If they pump hard premarket tomorrow, I think there will an opportunity to fade the gap on small caps, especially garbage stocks. Regardless of gap direction, it does appear that we will see some sector rotations tomorrow, so watch out for that.
Comment:
RSI hit overbought EOD, ES hit he upper trendline.
Bought a few FCEL puts, gonna add if it gaps up. Next week's exp. At least that will force me to wake up early and post an update, lol.
Bought a few FCEL puts, gonna add if it gaps up. Next week's exp. At least that will force me to wake up early and post an update, lol.
Comment:
INTC missed on earnings and guidance sucked.
What's funny about this pump is that it's causing big earnings movement in both directions depending on guidance. You can make money in either direction, but you better be good at picking stocks.
What's funny about this pump is that it's causing big earnings movement in both directions depending on guidance. You can make money in either direction, but you better be good at picking stocks.
Huge dose of reality for the Redidiot crowd, unlike cryptos, companies can go bankrupt. Recession or not, high rates will force more bankruptcies. Companies can't borrow for free anymore.