I don't know when the drop will happen. But this move that started 2 weeks ago is now building a top. Friday was the day that tech shorts got squeezed. Today was the day that financial shorts got squeezed. Most of the weak hands have covered.
1230 is an extremely important zone which has marked short term tops twice already this week. The volume came in heavy in the final hour. This is what I have been waiting for. Heavy volume where panic buyers and patient sellers meet with lots of supply changing hands.
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4 comments:
It's been wild. Alot of people must of covered. Still no negatvity so new highs seem possible.
I read the ESFS europe news was just a rumor again. But goes to show how many shorts are in this market. I agree today felt like short capitulation.
MO, are you still short?
Covered on Monday AM. Waiting to short again soon, perhaps tomorrow.
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