Barry Ritholtz Goes Long Citigroup - Update
This is an update to our post here. Lets have another look.
- For the Affirmative:
- Red 45 degree line break is imminent
- TrendStatus positive, above ZERO. Confirmed
- Hurst Cycle break of zero, imminent.
- Financial sector may get a boost as other sectors are too expensive.
- JPM earnings this Friday could boost the Financial sector, if this happens Citigroup(C) will skyrocket in our view.
For the Negative:
- Volume not exciting (not shown, could not fit it in screen capture tool)
- Financial sector is a laggard.
- The Gann Angle trend is only 2 units of time for 1 unit of price (2x1). It would be smarter to find trades at least 1x1 time to price rewarding.
- We (RTT) dont know the fundamentals behind Citigroup trade. Assume Barry has it sorted!
- Market momentum we be timid in the US Summer (in our view).