Stocks appear to be under the influence of another round of rumors out of Europe, presumably leading to the short squeeze. On the intraday, 3-minute SPY chart below, note that the gap from this morning has held well after a mild midday fade. Of course, you do not want to dismiss the notion of further upside from here. However, as has been my modus operandi in a corrective market (declining 50 day moving averages on the indices, still), I am going to let the market prove itself more to me first that it is ready to trend higher for a sustained period before I become aggressively long again.
In the meantime, try not to get run over if you are heavily shorter than Verne Troyer, as my good friend “alf” would say.
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I have bought BEAM stock not necessarily because of the upside, but to indirectly own large copious amounts of alcohol