Another classic gap up and dare. Dare you to buy up 10 points on the ES. Dare you to sell here and tempt fate with a gap and go squeeze. The bears got set up yesterday and are now trapped. That is why you can never hold overnight shorts unless you are totally sure that we're gapping down. Because you expose yourself to these random 10 point gap ups. You rarely see random 10 point gap downs. They only happen in a nexus of fear which is uncommon.
With AAPL earnings coming up, no one will want to be short heading into those "blockbuster" earnings. So we'll drift higher today with high probability.
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5 comments:
"That is why you can never hold overnight shorts unless you are totally sure that we're gapping down. " --- LOL! nobody sure..
That is my point. If I have one tip for any newbie ES trader, it is this: don't short overnight!
unless it's a bear market!
Markets just seem to be in a consolidation with wide intraday ranges to take out stops both ways thas all.
This is s a squeeze and a half!!
I'll take it!!
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