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.
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Meme stocks and garbage stocks are gonna tank pretty soon when BBBY announces bankruptcy filing. They warned today, they are out of money.
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.
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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.
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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.
Quality post. Your contribution here is invaluable. We hope our post also adds some value to the community:
MechanicalTrader13
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with INTC numbers coming in, semis are gonna drag. And I am 100% with you on .50 bps, I'm pretty sure this has been stated and should NOT be a shocker. But, here we are... These analysts have the memory of a goldfish.
UnknownUnicorn7131705
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BBBY could drag down the market, I think.
hungry_hippo
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@tintin300, not big enough to drag the whole market down, but Reddit stocks and some money losing garbage stocks. The Reddit (Redidiot) crowd are all noobs, they don't realize that a company can actually go bankrupt or get delisted, when it does, every fund will dump because they can't hold OTCBB stocks.
hungry_hippo
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@tintin300, BBBY market cap is 300M, that's microcap territory. 50% short interest offset by 50% institutional holding so basically 300M held by Redidiots, probably enough to impact otehr meme stocks but not much else.