I'm calling a nice pullback after retail jumps in the open. Nothing goes up forever hehe. I like bear and bull positions here. Virtually nothing has changed since April though, we all knew what to expect before earnings were released. There hasn't been any new news or reasons to be overly bullish just yet. What if this is just another housing bubble by years end? One day we could wake up to some hellacious news that opens this at 0.25; nobody has a clue what's up. It wouldn't be the first time something like that went down either.
I'm calling for 3.10 again on open then a nice pullback to 2.75 or below before lunch. I don't think many would be surprised to see it come back about 30% from here. Folks can't be buying on 'fundamentals' because they're not there yet. A couple good quarters doesn't equal a total rebound. I'd imagine some deep pocket shorts are ready to smash this one after all the pumping.
Overall I'm a trader so I don't really mind where it goes either way, but i'd say a bear position to $2 is more probable this week than it going to $5.
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