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Was the short covering done by the close?

  1. There is a rumor circulating around the trading desks about a huge short or put position being covered.

    Judging by the chart, I dont think the covering was completed by the close. I think we still have a morning bump, but I think the market may unwind by 12.

    What are your thoughts?
  2. There will be a higher high tommorow, guarenteed.

    Anyone betting against that?
  3. yup were done goin up sell 2 da bell..that's all folks!:D
  4. Watched those huge ticks. The bears were skinned alive. :D

  5. Never trade against the govt. :D
  6. short....short....short....and short some more.
  7. Lets back up. My opinion is that there will be an initial spike followed by a sharp pullback at some point. What do you guys think?
  8. Is this before or after the entire overnight session? :D
  9. we had NR7 today on ER2, and stops got flushed out, plain and simple. It wasn't due to any news. Homebuilders helped bring up the indices in the afternoon, and then stops placed from the morning got hit an added fuel to the fire. I think the move was pretty extreme, but I wouldn't attempt to short. Only long trades tommorow. When a stock makes a 52 week high does it selloff the next day??? Or does it push higher for the next few days???
  10. In the morning, the S&P500 will gap up I believe. Then will pull back. I want to sell in morning, maybe short and then buyback positions in the afternoon.
  11. Minor pullback then push...

  12. I will be looking for an afternoon fakeout low, and then a reversal. (just a pattern I've seen following a previous day strong close)

    I will only place long trades tommorow even though there will be a probable gap up fade trade in the morning.

    Also looking to buy 38% retrace if it retraces that far.

    I'll be watching homebuilders and SOX tommorow, because they were leading indicators today.
  13. My favorite on the SOX for tommorrow is INTC. Quad processor news, Apple chips, etc. Usually this time of year is fairly strong for the stock. I feel that it still has some room to go up.

    Im unsure what Marvell will do until earnings announcement.
  14. i think a gap up tomorrow morning followed by a small selloff of 10-30 points on the dow and 3-6 points on the nasdaq....however with the fed minutes at 2pm anything is possible. That will be the market mover tomorrow....
  15. <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1265884">