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Allstate (symbol ALL) is at an important support level. It had two similar tops (in blue) to the one right now (in pink), each of which was followed by a hard fall. A failure of this trendline, I believe, would introduce the possibility of a third tumble.
Earnings season is in full swing now, with a bunch of banks reporting pre-market today. Many of them were weak, such as Morgan Stanley (below) whose early action was described by ZH as “…slides as sales & trading disappoint.” Well, the “disappointment” was only felt by the bears, as every single bank (for no particular reason at all) rocketed higher at the opening bell and never looked back.
I suspected the day might not be too terrible when the market opened, everything was raging WAY higher, and my entirely short portfolio didn’t budge. I guess it had been battered enough. It was really quite curious, but now that we’re a couple of hours into the trading day, we’ve gone from all green to all red. I’m not saying it’ll stick, but the /RTY is looking pretty ugly.
