The squeeze is on. All the shorts are getting buried here and it looks like there are no sellers. I am coming in here to fade the froth. We have gone up 60 points in 3 days. This is all based on better than expected economic news. I expect a strong selloff from this gap up and expect a gap fill today. It is hard to imagine with the strength pre-market, but this looks like short capitulation and panic buying. I am shorting here.
Friday, September 3, 2010
Get Shorty
The squeeze is on. All the shorts are getting buried here and it looks like there are no sellers. I am coming in here to fade the froth. We have gone up 60 points in 3 days. This is all based on better than expected economic news. I expect a strong selloff from this gap up and expect a gap fill today. It is hard to imagine with the strength pre-market, but this looks like short capitulation and panic buying. I am shorting here.
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2 comments:
Unemployment situation is on the good side, but within concensus range. The ISM numbers are a bad surprise.
Nice trade but my best guess is that the SPY might have made its low for the day @110. No strong conviction on that call though as I dont trade such short time frames.
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