This market feels like one huge short squeeze that started last Monday and has gone on for 10 days. Still a lot of nonbelievers in this rally and a ton of traders looking for a pullback. I think we break new highs in S&P by late July early August. To the moon Alice!
I am short but not a big position. I couldn't care less anymore about the position, this market is bullshit.
Was tempted yesterday, thought we could be topping. I listened when the market failed to go lower...ES wouldn't have stopped at 1326.50 if we were going lower - blew out of my position at 1328. No position trades now...my short was wrong. Just day trading.
This is a fake move. There is no underline fundamentals for this unless some have inside information not released yet. I shorted Qs at the top @$59.35 today. Small position. Couldn't care less. Volume has been declining steadily along this rally. Bad sign.
Not net long, NO shorts. Booking the over-bought and entering into energy. Volume declining isn't a negative divergence. Consistent with summer. Also means "less sellers".
You and I seem to have taken a short view at the same price level and time! (see below). I however think we shorted the wrong EFT. We should have shorted the SPY instead. I bought puts, but surprisingly IV actually fell/didnotchange on the puts I bought---It should not happen, but it happened. http://www.elitetrader.com/vb/showthread.php?s=&threadid=222992&perpage=6&pagenumber=27