I'm suspicious of any moves right on the hour like that. It's like it's orchestrated.
Dear Mr. President:
We tried to set up a run on gun stocks at 3 pm. today. Made a few calls ... you know ... the usual Chicago tricks. We think we can get SWHC below $9 for your speech, but RGR is really hanging tough.
It's not the traders ... it's the government ... Federal retirement plans run money. Good PR to bust the gun stocks before the speech. Watch for rebound later in the week.
Remember, the market is rigged. If you set a stop loss order anywhere close to the current price, it's guaranteed to be executed shortly. Leave enough room so they can't tell you without laughing that your order was hit.
Weak hands flushed out in Dec. in drop to 40. Then we had enough volume on Jan. 16 to indicate a recovery. I think this will power higher soon if we see some follow through..
and ... media and most investors not considering that gun makers enjoy protection from lawsuits. In 2005, President George W. Bush signed into law the "Protection of Lawful Commerce in Arms Act." Looks pretty "bulletproof" ... legally. Media seems to ignore it for some reason.
Plus, $10 just to get into gun show. Wow ... what if Sears and J.C Penny could do that? Just charge you to walk in the door.
• Formed cup with handle off Nov. high ... declining volume on slight downturn.
• Plus, pension funds would have sold by Jan. 28 ... T+3 to get RGR off their books by Jan. 31 close.
• Gun control looks like nonstarter.
Out-of-town class action law firms. They're probably be sent home with nothing. No one makes anything on those class action suits but the lawyers.
Or maybe local investors on Main Street are smarter than Wall Street? Looks like a bunch of private equity brains that don't understand banking.