The announcement by the Russian Defense Minister (Reuters)... confirming rumours...this a.m. kicked off short-covering across the board around 10:30 a.m. est. The Russell 2000 was the biggest direct recipient of that trade action and saved from breaking down through a very bearish pattern. That helped RAD, and like the rest of the NYSE, volume was extremely low so we have to assume not many new longs participated. The weekend will cause some nervousness here and there but RAD has its own opponents and I still can’t tell if the professional shorts are done or not. RAD’s volume is so low I have to assume the covering was small potatoes with the occasional large trader covering for the weekend. I am sitting where I am and plan to sit tight across the board. If we get that final washout I will go in and add. If we consolidate and move up, I will wait for evidence that momentum has come back to the upside. When I checked the RAD Message Board this afternoon, it was almost blank...maybe five or six posts...the rest were all my “Ignore”list so that gives you an idea of what is going on here today. I know some of you are in the same oil/gas stocks I am in and the Russian action means nothing to us..Transportation is our big problem. Have a great weekend and if you can, check the European market opening Sunday night (midnight here on the West Coast) and we may get an idea of what to expect in the general market and RAD Monday a.m. (we’ll know if the Russians actually moved out)I personally find the Bloomberg crew out of London does the best job.....Drummer
Yeah I believe they also replaced some rebel leader which could open the door to some form of a cease fire but all this just speculation for now. The futures started to turn in the 5am hour (I was actually then) this morning when the message was seen on social media. If we get more progress in that region you may see more upside next week. It's nice to see our drones and planes blowing up this garbage in Iraq that may help a bit too. RAD got hurt today by the Jefferies price cut today or it would have been up more.