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BSX...monthly chart topping formation eventhough daily looks like breakoout....fundamentally worth 25 to 30, so you got yerself a good risk/reward short here folks

Still a bull. Maybe good for a scalp. Primary trend still up.

Tight stops. Good luck.

 

SharpChartv05.ServletDriver?chart=bsx,uu[s,a]waclyyay[pb10!b30][vc60][iuk14!la12,26,9]

 

I never short stocks with rising 150 day MAs, but that's just my own neurosis :lol:

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Rog,any thoughts on POG spike and the banks?

 

CBSMarketwatch had a story on Tues. about

investment banks' short position,first time I've

seen this issue raised in the mainstream.

 

Also,why is JPM's price action so nonchalent,they must

pretty far underwater on their gold derivative positions?

Bizzaro,

 

To me gold is a put on the S&P and dollar. It is ramping on solid volume that is bad for all banks and borkers. I've seen three major intervention attempts this week and all have failed within hours. That tells me the move behind gold is very strong. Given this strong bid I wouldn't hold a long position in any financial.

 

As for GS, JPM, C, BAC not being effected by the move in gold, I'm not so sure about that. Spoos are weighted 33-35% with financials (same level as tech at its peak). This rally which everyone is convinced is the bottom and start of a bull market has seen the Spoos underperform.

 

IMHO, traders have been bidding up DIA, SPY, QQQ to play the rally instead of finding indivdual stocks for technical or fundamental reasons. Bidding up the SPY naturally would bid the financials yet they have underperformed the broader market. I would suggest that funds using ETFs to get broad exposure is masking underlying weakness in the financials. Furthermore, as most of the rally seems to be positioning for some sort of legendary Santa Claus rally the financials look very vuulnerable to me either now or if they manage to hold together in the first quarter.

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