Quote from Laissez Faire:
Holy crap? What do you mean?
I don`t know what will happen overnight, but it is highly unlikely that my original stop at 65 will not get hit.
Since I`m utilizing close to minimum margin, I can afford a 8 point hit. I just don`t want to wake up and see that the market traded to 66-67 before reversing.
I believe a vast majority of shorts are trapped because every time the market gives a slight indication of downside, say, a daily red bar, due to it's exuberant extension all the hungry shorts run to short it, well today sort of nullified that as we completed an outside day reversal, encapsulating yesterday's red day so this slow grind up is possibly shorts covering, whats commonly known as a short squeeze, the most logical place where most stops are located is above the last swing highs, so i believe the market will continue moving higher, either in the after hours or tomorrow during the day until most if not all stops are found, there is a very good chance stops at 70s are not safe. If you want to short this animal, you need to do so only and only after the stops are found on new highs and you need to exit conservatively before the retracement ends, otherwise its just plain suicidal until the trend finally changes.