consolidation ... or moving up a bit. I would imagine all the profit taking on financials was done close to the close on friday. And since no one can short the financials now.. well ...
Why do people have this understanding that since 799 stocks cannot be shorted in the banking/broker sector do they think they can't move down. This is not the case. These stocks can fall 5-10% in a single session. This market isn't in an uptrend because of this new rule that I believe expires in 10 days. If you have profits of 5%, 15% or 50% on any of these stocks take the profit.
Long XLF October Calls over the weekend. I never do that. But I had a guy get long, serious money guy, a ton of RBS and UYG Thursday when UK banned short selling on financials. This is a world wide problem, esp the Western nations. They are on it. I told you here a month ago there was a huge meeting At McDill Air Base w/Western leaders....... Watch Europe Monday for clues on the next move h ere. Or don't. Don't really care. Some of you guys are dumb as posts. The few that listen, and PM me, I hope you make your fortunes. Keep discipline and stops, and you'll be in the game for the big moves.
Readers might examine some of the charts of stocks appearing on the new high list. I notice some stocks, many of them appearing to be banks, showing bigger price rallies yesterday than the price range of prior years. TCBK TRICO BANCSHARES BANF BANCFIRST CP GEHL GEHL COMPANY SIG SIGNET GRP PLC ADR NBTB NBT BANCORP INC ONB OLD NATIONAL BANCORP CCBG CAPITAL CITY BANK TRST TRUSTCO BANK NY NGD NEW GOLD INC OFLX OMEGA FLEX INC. OZRK BANK OF THE OZARKS CBU COMMUNITY BK SYS INC JOSB JOS A BANK CLOTHIE ACE ACE LTD NAVG NAVIGATORS GP INC BXS BANCORPSOUTH INC NCEM NEVADA CHEMICALS CB CHUBB CP THE SCRX SCIELE PHARMA INC TRMK TRUSTMARK CP WL WILMINGTON TRUST CP ACGL ARCH CAPITAL GRP L CATY CATHAY GENL BNCP FNB F N B CP MCY MERCURY GENERAL CP ZION ZIONS BANCORP BOH BANK OF HAWAII CP OSIR OSIRIS THERAPEUTICS PRA PROASSURANCE CORP TCB T C F FINANCIAL CORP TCBI TEXAS CAP BCSHS TFSL TFS FINANCIAL CORP.
Chinese guy, pissed at naked short sellers. Teng is the name. Family businesses do billions. Now, I wonder why we lose listings???? I wonder why we get no respect? How do you respect people that don't respect themselves? Next thing you see, and it's started, is dozens of these companies management, now that they have a chance, put out releases, call their representatives who may finally get it. Not over by a long shot.
Buy the rumor and sell the news. I would say the rumor was fully bought when Citibank hit an intraday high of 22.53 on Friday that of course was with the help of a TON of short covering. To get back to 22.53 it going to have to climb that mountain on its own, without any help of short covering. We been hearing about all the money on the sidelines, well all those investors have the opportunity to invest in Citibank without those evil short sellers about to drive it down. The Pakistani model says a bull market without shorts is bear market waiting to reveal itself. Of course, they be third world, these Wall Street boys and girls with their new best butt boys Bennie and Hank will prove how sophisticated and unthirdworldly the former republic known as the USA really is.