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|PRE-OPEN MARKET COMMENTS - There is some relief that SIVB had a buyer. There was relief back in 2008 when BAC bought Countrywide Financial (worst buy ever). The market rallied and then the second shoe dropped a few months later....
|We need volume.
|So we have a bearish hammer off of the hod. Nothing to get too excited about yet. 1OP is spiking so we need to be a bit cautious chasing longs here. Volume is very light.
|Because of the backdrop (and not because I am bearish), I will look for some shorts. If the bearish cross produces a market dip, I want to have some prospects ready. If that bear cycle does not produce half way...
|Now we have a bearish hammer off of the hod and a long red candle. Those are signs of resistance and bearish cross pending