Live From The Crap Tables
I’m sitting here with Eddie Kwong, trying to catch up on the day’s events, as
most of my day was spent on an airplane. Aside from a few National Guardsmen
with M16s, it was pretty much business as usual. The flights were full and
according to my limo driver this weekend, Vegas, after a few slow weeks, is
close to full occupancy.
As I look to the charts, I see the market sold off earlier in the day, but
found its low and rallied to close well. A few people I spoke to seemed excited
about the intra-day reversal. Me? I don’t know. The long-term trend remains
down. One afternoon does not end a downtrend. Follow-through will be key.
Thursday’s high will likely provide a reference point to the upside and the old
lows remain a potential target.
I see the banks, mentioned forever, finally got creamed.
(
CMA |
Quote |
Chart |
News |
PowerRating) and
(
PNC |
Quote |
Chart |
News |
PowerRating)
mentioned recently were down sharply. In general, the banks still look
vulnerable. Looking at potential setups, Northern Trust
(
NTRS |
Quote |
Chart |
News |
PowerRating), mentioned
recently looks like it has further downside.
Outside of the banks, Boise Cascade
(
BCC |
Quote |
Chart |
News |
PowerRating) still looks vulnerable.
Best of luck with your gambling…er….trading, that is, on Monday!