Wednesday, June 1, 2011
Fly: This could explode upward
7:26 pm (Hawaii) Le Fly chimes in with his eloquent, finesse-oriented suave style. I agree with him about the overreaction of the market today. When stuff gets sold off as broadly as this in one fell swoop, it rarely duplicates for the next day and next. I don't know if the market will bounce back in the morning or keep puking its guts out, but I do know that there's no certainty one way or the other. Had the market sold off just slightly today because of economic tremors, it would probably need to puke a lot more tomorrow and Friday.
That's why, when Le Fly notes that the infamous PPT system has flagged major overbought levels on Tuesday, he knew the pukefest was coming real soon. The bounce-back on these days has been rather consistent, he writes.
Le Fly/I Bank Coin: If history is going to repeat itself, the market is about to explode to the upside (June 1 2011)