RSI oversold again, but I wouldn't consider going long until ES and NQ also go oversold.
ES MFI has a LONG way to go before it hits oversold. Plus the market gave up on the short squeeze and lost all interest in garbage stocks. PTON down 7% now. Friday is when funds rebalance their portfolios, and I'd imagine they'd want to get rid of garbage stocks and move to dividend stocks. Flight to safety trade tomorrow, I think. Problem is ES MFI needs to go down....
ES MFI has a LONG way to go before it hits oversold. Plus the market gave up on the short squeeze and lost all interest in garbage stocks. PTON down 7% now. Friday is when funds rebalance their portfolios, and I'd imagine they'd want to get rid of garbage stocks and move to dividend stocks. Flight to safety trade tomorrow, I think. Problem is ES MFI needs to go down....
Nota
It's like the good old days, PTON down a buck, lol. Probably headed back to $8. I was looking at their balance sheet, book value of $30M, market cap $4.4B. In all reality, it should be trading at less than a dollar to be in line with competitors. Not to mention winter is over....Nota
SI went bankrupt, and garbage stocks are weak because I expect crap like PTON and W to either go bankrupt or issue more shares like RIVN did.If any of these CEOs have any brains, they'll issue shares now before the market tanks so they stay afloat a little bit longer. Be careful what you invest in, because stocks drop 15%+ when companies issue more shares like RIVN did.
Nota
I stand corrected, PTON tangible book value is actually already negative as of last quarter, lol.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.