The Chart du Jour
Subscribers to Sandspring.com monthly analysis may remember our fairly vociferous critique of credit card company Providian in our late may article "Expert Short Picks." Well, today, the company announced earnings that were 24% higher, but a huge loan loss write-off at the same time. The stock tanked over $8.
Tech stocks may already be in the sewer, but financial stocks have yet to join them there -- but should soon. We take the breakaway decline in Providian today as further evidence that shorting financial stocks is the logical and best risk-reward space to currently be focused on.
Who cares if interest rates go from 4% to 3.5% to 3%: The average consumer is starting to become truly tapped out and there is a piper to pay. Basis Providian's daily Fibonacci rhythm, we see a $25 stock in the making.
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