Although it is a rather slow day in the market, you can see the SPY is consolidating nicely just under its prior highs from June. Perhaps we need to go down and fill the gap from Friday morning, that his 30-minute timeframe indicates. However, so far the market has held the majority of its recent gains very well.
Holiday, summer trading is still the theme this week, with plenty of large market players away from their desks. Looking for hot pockets of momentum with short squeezes is likely to be how the remaining traders spend their week.
4 Responses to Better Off on the Pontoon
Love that song.
mini me? Would u like a hot pocket?
From all the indications I know that amount of actual shorting (v hedging) is very small compared to long positions. I know of just one prominent bear fund (Prudent Bear fund which is tiny). So, I don’t get why whenever a fast move up occurs it is described as a short squeeze. The amount of money shorts control shouldn’t have that much impact on the market.
I agree as far as broad mkt is concerned, but with individual issues I think short squeezes can be had.