Citigroup C earnings are out this morning, beating expectations and pushing the stock up almost 3% in the premarkets. We are still waiting on Bank of America BAC & Goldman Sachs GS but I'm sure now investors are confident on strong earnings. Be on the lookout for those earnings as well as Google GOOG which is set to drop Wednesday after the close.
After Bernanke's comments last week the bulls have taken over complete control of the broad indexes and this has put us right under the all time highs. I think the long trade though will no longer be that easy since everyone is on board and buying into the same sentiment.
The traders who are out there piling in on the short side, I believe it will work soon enough but you might not have the pain tolerance necessary to come out of the trade alive and well. The folks who have been too early to the party have gotten smoked out thus far. Remember folks, you always want to trade the price action!
GOOD MORNING YOUNG WORLD!
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