For sport, I shorted [[UA]]. It broke a spread sextuple bottom out of a big base. That’s right. Six bottoms and a big base to boot. It’s rare when you see this kind of pattern. It’s almost as rare as a 1909-S VDB penny.
Call it what you may, but capitulation by the longs comes to mind.
(The nomenclature on the chart produced by stockcharts.com isn’t quite right. It’s more than a triple bottom. If you look to the left from the “5” at the bottom of the column of O’s, you will see another three columns of O’s with bottoms at $33 since March.)
Have a great weekend.
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