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....
Note
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....Note
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.
Note
I stand corrected, PTON tangible book value is actually already negative as of last quarter, lol.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.