1:17 am (Hawaii) I like my little charts and trendlines and megaphone and pennant patterns. I like candlesticks too, however reliable (or not) they may be. But it's fun now and then to visit American Bulls for their view of stocks. Here's what they say through their candlestick analysis as of Wed Oct 19:
AAPL - Sell confirmed
AGQ - Sell confirmed
DGP - Sell confirmed
SPY - Sell-if...
QQQ - Sell-if...
QID - Buy confirmed
FCX - Wait
EUO - Buy confirmed
Isn't this interesting? All the indicators (at least in my book) of a bullish short-term view are negative, from AAPL to precious metals to bear indice ETFs. So how about financials?
FAS - Buy-if...
FAZ - Buy-if...
So that confirms the confusion and hesitancy of not just me, but of plenty of traders and investors regarding the banks. No surprise that the bank stocks remain choppy, range-bound and largely untouched lately. Or is that really the case?
BAC - Buy-if...
AIG - Sell-if...
C - Sell-if...
GS - Sell-if...
JPM - Buy-if...
MS - Sell-if...
Less positive than I expected. I don't like the banksters, but even this is more bearish than I would've guessed just by the way they've held up through the past week with JPM and GS announcing far less stellar earnings than expected.
NBG - Wait
IRE - Wait
DB - Buy-if...
There are more Eurozone banks but that's enough. As I fall asleep for the night (and premarket opens in 30 minutes), I'm content to stay the heck out for today. The most bullish thing that could happen is Merkel and Sarkozy release the details of their grand plan to save the European monetary system. That would take the US market and precious metals higher since printing all that fiat money will be nothing but a short-term fix. Then the junkie becomes more dependent on the juice (fiat printing).
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