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AMD - bearish wedge & spinning top reversal. P/E 167 says it allFor any professional trader the situation is obvious: 1) Rising (bearish) wedge 2) Spinning top candlestick 3) Overbought RSI on both, Daily and Weekly 4) Low volume compared to the previous bullish candle 5) Overinflated P/E At this point, I can actually finish describing my call since it's more than enough to explain why "short" is the only way to go right now. However, I would like to go a little bit further: Bulls have to understand, that the only reason for AMD's "bullishness" is the decline of Intel stocks (Blue line on the chart). There is nothing else behind it and here is why: 1) New Ryzens will be released at the end of the year. Right now, AMD's sales are bad. 2) Ryzen XT processors failed in every single review. Those CPU's simply don't make sense since AMD asking $100 for 100MHz. If we would live in 1995, $1 per 1Mhz could be justified. But not in 2020. 3) Earnings that should be announced today not going to be good under no circumstances. Even in the beginning, right after the release of Zen2, AMD had bad earnings with a negative surprise and obviously, it's not going to be better now, when sales declined and potential customers waiting for the new generation of Ryzens, which makes a lot of sense. If this is not enough for you to stay in cash and away from AMD for now - don't worry, you still will earn experience ;)
NASDAQ:AMDShort
by LanaFL
20
BAC compared to SPX and NDX: Dot com top and bottomBerkshire Hathaway bought 33.9 million shares of the banking giant between Monday and Wednesday. That increased Berkshire's stake in Bank of America by $813.3 million to more than $24 billion. BRK holds 11.5% of BAC now. BAC chart compared to S&P500. Observe the top of both the NASDAQ and S&P BAC started bottoming when the 2 indices started falling. 2008 was a banking crisis which directly impacted BAC and it fell relatively harder than the indices. In 2020, Banks are well capitalised and backed by the FED, so chances of a banking crisis are slim. Add to that, NASDAQ is clearly overcooked at the moment(Check the historical chart. Top of the major trendline. That said, it Could also break up)
NYSE:BAC
by ashainp