There are a number of stocks that are overbought, and excessively positive as well, going into earnings season, especially in the banking (see $C down 4% today) and technology sectors. We'll be reporting on individual ones over the next week, in advance of their reports.
Our long $GDX call is panning out this morning on a large gap up. Often buying panic is painful since the bottom can take a few days to form. In this case (as often happens lately), the bottom occurred overnight.
Given the positivity going into earnings season, this market will likely be a short for a week or so starting later in 1-2 weeks. But for now, it's still extremely bullish.
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