Whilst US equity indexes are set to close moderately higher, there remains notable price action in Seadrill (SDRL), which is seeing outright insane price action. SDRL opened at $3.21, soared to $7.49, but is now in extreme cool down mode, back in the 5s.... with a serious gap fill threat of the $3s early next week!
*forgive my particular interest in SDRL, besides the fact its in a sector I'm really interested in, its just a great example of how crazy hysterical the bulls can get.
Note the spiky top candle around 1.55pm... and then the 5min MACD turned bearish around 2.10pm.
**My last SDRL trade was on the long side, having exited in summer 2014, when it was trading in the 37/39s. Much the same for RIG.
Regardless of the exact close, it has been a third week for the bull maniacs, and we sure have seen some hysterical price moves today in the junk. We're unquestionably real close to bearish capitulation.
Perhaps.. we should merely wait for the infamous Gartman to tout 'new bull market well underway'.
3.21pm.. notable reversal in Gold/miners
Hmmmmmm.. that sure is a spiky top. I'd like the mid 17s. within 8 trading days.