What We're Reading

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Weekend Reads May 3rd-4th

  • Stocktwits: "investor say the bottom is in for gold"
  • Hey, wait a minute.  Didn't StockBuz say watch for a gold (GLD) weekly right shoulder to form back in March and early April?  Even posting on the gold miners here.  We're ahead of the herd once again......maybe.   (click image to enlarge)  At least risk…

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Admin

Banks Breathe A Sigh Of Relief

While the market continues to digest yesterdays' comments from new Fed Chairwoman Janice Yellen that rates will begin to rise possibly as early as six months after tapering is complete (mid-2015 rather than late 2015), banks are definitely yelling pahtay with big gains across the financial sector today.

Even $C (who I normally detest) is attempting to breakout of a beautiful double bottom pattern. 

Like it or not, banks will be more willing to lend in a rising rate environment and let's face it; it's tough to make a buck when you're lending at 3%.  I would imagine this will be good for broker/dealers as well although not shown here.  Now if only we could get Congress to do away with that pesky transaction tax…

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