Monday, July 11, 2011

Those Last 15 Minutes

From 3:53 to 4:06, the market surged 7 points.  Those looking to buy the weakness with on close orders just flooded the market.  And it is spilling over into extended session.  This has to be totally demoralizing for the bears to grind the market lower and lower and then have the bulls give a big FU by putting on this squeeze out of nowhere.  I don't think we'll get to SPX 1300, we might get to ES 1306 if we have some panic in Europe.  It sure won't come with the US panicking. 

2 comments:

Anonymous said...

hehe. It appears you were wrong.

Anonymous said...

A surge of short covering into the close was a defining characteristic of preweakness in 2008