Friday, September 3, 2010

Get Shorty

The squeeze is on.  All the shorts are getting buried here and it looks like there are no sellers.  I am coming in here to fade the froth.  We have gone up 60 points in 3 days.  This is all based on better than expected economic news.  I expect a strong selloff from this gap up and expect a gap fill today. It is hard to imagine with the strength pre-market, but this looks like short capitulation and panic buying.  I am shorting here. 

2 comments:

Petsamo said...

Unemployment situation is on the good side, but within concensus range. The ISM numbers are a bad surprise.

Tsachy Mishal said...

Nice trade but my best guess is that the SPY might have made its low for the day @110. No strong conviction on that call though as I dont trade such short time frames.