Kate Spade printed one of the ugliest reversal candles I’ve ever seen today. The stock just got destroyed after trying to breakout earlier in the session. Clearly large shareholder(s) liquidated positions today after their earnings release.
I see a lot of de-risking going on in this market, and Kate Spade is just another example. Hardly any IPOs are going anywhere, that’s a sign of risk off. There’s been a lot of gap higher and stall out moves on earnings like what happened with SCTY and SBUX. Another thing I’ve noticed is small cap gold miners are now underperforming large cap miners, this hasn’t happened much this year. Signs of risk being taken off are all around.
