(The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers. )
Yesterday we shared with you that historically short covering rallies, like the one on Wednesday, do not last. One more time the historical pattern has held true, yesterday the market gave back all the previous day’s gains plus more. S&P 500 is approaching major support at 1900. This morning futures traded as low as 1910 before bouncing.
We are looking for a flush. A flush is when some money managers cry ‘uncle’ and sell.
This post was just published on ZYX Buy Change Alert.
RBCN is rocketing to $5.94 as of this writing. The reason is that in a bankruptsy filing, competitor GTAT wants to exit sapphire business.
There is a considerable tax loss selling ahead for RBCN. For this reason consider taking advantage of the strength and scale out of all but 10% of the full core position size.
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