Not too long ago, Guy Cohen mentioned the weakness of the financial sector owing to an evolving head and shoulders pattern. This is now coming to pass with the likes of BAC, GS, JPM, MS and others nearing or breaking their neckline breakdown levels.
Typically, with a head and shoulders pattern, you can observe the breakdown happening in slow motion as the OVI will typically head south well in advance of the neckline breach, and in many cases the OVI will be way ahead of the game, just as it was with HP earlier this year.
That hasn’t been the case with the bank stocks this time, but that didn’t stop Guy from ending his bullish stance on them as their uptrends came to an end back in March.
In any case you must always “trade what you see” and avoid imposing your will on a stock.
Now, speaking of excellent OVI combinations with chart setups, FB did exactly what Guy thought it would with its railroad track setup on May 17/18. That’s a golden combination that Guy filters for every day, and he explains it in today’s video.
Watch Today’s OVI Market Review to See The Power of the OVI With Certain Chart Setups.
Read The Capitalist’s Take Here
TRUMP PULLS U.S. OUT OF PARIS CLIMATE ACCORD
After days of drama and suspense, President Trump announced Thursday that his administration will exit the Paris climate agreement.
“So we’re getting out,” Trump said. “The Paris accord is very unfair at the highest level to the United States.” His decision fulfills a campaign promise and satisfies strong Republican opposition to the global climate deal but isolates the U.S. and is certain to bring condemnation from world leaders and critics in the scientific community. Leaving the accord aligns the United States with Syria and Nicaragua….
Read More at Fox News Here
Read More at NY Times Here
Read More at CNN Here
UBER LOSES $708 MILLION IN Q1 — AS WELL AS HEAD OF FINANCE
Uber posted a $708 million loss in the most recent quarter and said its head of finance is leaving the company, the latest executive to depart in what has been a very tough year to date.
Uber told The Associated Press Thursday that its first-quarter loss was narrower than the $991 million loss it posted in the previous quarter. It had revenue of $3.4 billion, up 18 percent from the final three months of last year.
Read More at Yahoo News Here
Read More at The Street Here
Read More at Fox Business Here
– Thursday, June 1st
Markets Close at Record Highs Behind Strong Day for Financials
Big Insider Trades
– Maxim Integrated Products, Inc. (MXIM) Senior VP Vivek Jain Sells $2m
– Tallgrass Energy Partners, LP (TEP) CEO David Dehaemers Buys $800k