Citigroup's (C) stock says IF a stock has already been trashed you can dip and buy.
That's one of the main takeaways of the rally in that club name.
How about all of the tech stocks where we are hearing that it is way too soon to buy? That we have to retest?
I think it is case by case. I don't know if I want to buy Western Digital (WDC) if that 5% dividend is in jeopardy. That flash and disk drive company may be too risky.
So, let's watch to see what's coming out of the bear market - and the banks have certainly been in a bear market - and let's figure out which techs have had enough downside that they can bounce even if they miss the quarter. Tall order; we will find them.
The Fear of Missing Out bulls are dragging the Recency Bias bears further over the line, meanwhile the Bank Index relative to the S&P 500 crosses a key line.
Stocks trended steadily higher as the focus remained on stock picking and earnings, rather than big picture worries like China, the economy, politics and the Fed.
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