We are only trading down 2 points from yesterday's close as I write. All we did was add a bunch of squeezed bears and shaken out bulls to the equation. The equity put call ratios are running very high despite this intraday run up. That tells me a lot of retail money is fighting this intraday up move. This is a sick market to trade. There is no rhyme or reason for some of the moves, every downmove seems like an overreaction because we go right back up. I think we need to go higher before its safe to short.
Right now, the bad economic news is only adding more shorts to the equation, and that leads to these parabolic short squeezes out of the blue like we had this afternoon. As for tomorrow, I have no idea whether we gap up or down, after such a big run up, I would say a gap down but this market has been unpredictable for me lately. I am not a buyer or a seller here.
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3 comments:
Boner Stabone dead.
This might drive down the futures.
Owl, just stay out of the market. You are completely trading on emotion. That will burn you ever time.
Earlier today you wrote: GREAT BUYING OPPORTUNITY. Then you end up going short and losing $$. You are trading on pure emotion.
He said clearly that he expected weakness in the afternoon and tried to take advantage of it. He was wrong. It happens. Note that the disciplined trader cuts his losses quickly. Good trade.
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