Same. Read old posts. All the same. Can you sense my lack of interest in this market? The market is very 'frothy' feeling, many small cap names continue to break out of pretty much minimal volume. XLF/IYT were the leaders today, up 0.65%/0.75%. The EUR/USD made a complete red to green reversal today, but is not in range of breaking out. The market opened up, traded in a small range, and then again melted up at the end of day... See? More of the same. Volume was very weak all day.
YES! GS and JPM were asked to reevaluate their capital planning after hours today, both are down about 2% in after market trading. This is big news, and could crack things lower tomorrow.
ON THE OTHER HAND-
USB, AXP, RF, BAC and C all announced HUGE stock buybacks in after hours to combat the bearish news above. Only BAC is really impacted here, up a huge 4% in after market trading.
Pretty much none worth mentioning. They were all scalps for pocket change, a couple up and a couple down. I am short right now, and was this whole week, so some small damage has been done to my account over the last 3-4 days -but I almost bought a large position of JPM right before the close today because that chart is just so bullish. This JPM play was going to be my hedge. I didn't take it. And for that, I am thankful. So, even though the day finished red on paper for me, I am thrilled I didn't take JPM. That would have shaken my confidence.
Surprise! I am expecting weakness either Friday or Monday and am willing to hold the path short. GS and JPM are both huge names in the financial sector, and 2% down is no joke. On top of that, we are over extended again, hitting up against the upper Bollinger Bands. Maybe this news will be the catalyst to at least take a small breather away from this relentless bull.