Trade Idea: Consolidation Phase Engaged
This name has been beat down for 12 straight months. I've talked about it before. It's starting to get very interesting for contrarian investors, IMHO.
As I’ve been saying for a few weeks now, we’re unlikely to get a serious move higher in the equity markets if we don’t start getting more “dovish” messaging from King Jerome. In his last master of global credit ceremony, he gave rationale for hiking rates 75 bps instead of the previously forecasted 50 bps. He also talked about how strong the economy currently is.
Anyway, we probably need Fed dovishness to break this chart out, but we might not…
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