Professor’s Comments Update 10/14/15
Posted by OMS at October 14th, 2015
Marcia and I are currently in Mesquite, AZ, visiting a few National Parks before heading back to Las Vegas for the Traders Expo. So far we’ve visited Zion and Snow Canyon. The latter was a real surprise as it was absolutely beautiful. Today we’re headed for Fire Valley.
Anyhow even though I was up early this morning, I was still 3 hours behind the time on the East Coast. This is one of the reasons I have been posting my Comments in the late evening as opposed the early morning.
So when I turned on the TV this morning to check the futures, I noticed Cramer talking about bank stocks. Hmmm? He was really touting them. It reminded me of he was doing in 2008, just before the crash. Could he be doing the same thing again?
When I look at the charts of bank stocks like JPM, BAC, WFC, and GS, all I see are negative Hockey Stick Patterns. It’s easier to see the Hockey Sticks if you look at a weekly chart. Also, take a look at the Money Flow indicators. Right now they are negative on all of the bank stocks mentioned.
Just remember, Cramer is the same guy who was hitting the Buy Button on Bear Stearns on his TV show at the same time he was selling the stock in his accounts. He later apologized for what he did. In my opinion, his apology was not enough. A lot of people lost a lot of money by blindly following his advice.
Anyhow, as long as the banks continue to show inverse Hockey Stick patterns with negative Money Flow indicators, you might want to be very careful with the banks.
That’s what I’m doing,
h
Not sure of the terminology we use? Check out these articles
The Hockey Stick Pattern
The Creation of Waves and Trends
FAQ
All of the commentary expressed in this site and any attachments are opinions of the author, subject to change, and provided for educational purposes only. Nothing in this commentary or any attachments should be considered as trading advice. Trading any financial instrument is RISKY and may result in loss of capital including loss of principal. Past performance is not indicative of future results. Always understand the RISK before you trade.
![](https://oneminutestock.com/wp-content/themes/figerobak/images/cat-img-1.png)
Category: Professor's Comments