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....
Uwaga
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....Uwaga
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.
Uwaga
I stand corrected, PTON tangible book value is actually already negative as of last quarter, lol.
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