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Thursday, March 28, 2024

Greek Crisis Staved Off, Riverboat Gambling Resumes With A Vengeance

Courtesy of RobotTrader

The slightest recovery in the EUR/USD unleashed another round of Animal Spirits, this time the Riverboaters started dryhumping junior bank stocks, credit card companies, and more consumer stocks.

Here’s a sample of some of the garbage bin runs today.  All of them small banks choking on CRE probably on the verge of insolvency.

Note the huge volume surges on these, as many fund managers who missed the consumer discretionary meltup are now woefully behind their peers, so they need to “make their year” by dumpster diving for the “worst of the worst”:

Confirmed breakouts in oil and gas today:

And don’t forget the beleagured credit card stocks, everyone wanted those today:

And one of the world’s largest derivative trading casinos masquerading as a retailer.  Eddie Lampert must be making a fortune from his trading desk:

And exploding PC sales means more disk drives.  The fabled “v-shaped 2nd half recovery” is here:

And there remains an acute shortage of Ugg boots:

New highs in homebuilders and REITs

Some squeezes in drug stocks:

Not much else to say, other than its onward and upward with new highs across the board. 

The party resumes….

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