Sellers Drive it Home in A Rented Chevy Coup

I am continuing to trade well, and I am continuing to lose money.  Sometimes this happens.  The market is simply not in the mood to give.  Tesla announced the Germans cleared their cars of any wrongdoing.  Normally this type of news can send shares of TSLA 5 even 10 percent higher.  Today it was instead faded alongside the broad market where momentum stocks are the divine enemies of the stock gods.

I have a few positions perching just upon their stop points, ever so gingerly, enticing me to sell.  I could not pull the stop trigger.  Instead I continue to wade in this festering pool of momentum—convinced a snap back will make me whole.

I liked what the NASDAQ was doing today, until I did not.  We printed the classic P-shape short squeeze profile.  In the recent past, these would form the basis upon which the market would decidedly continue to squeeze shorts.  With Mutual Fund Tuesday around the corner, it seemed it may be the catalyst.

However, the actual intention of the P-shape profile is to be temporary before we return to the overarching trend, which, on the intermediate term is down.  The market received this temporary phenomena of upward price movement, sellers responded, then they initiated more selling which resulted in us closing down near the lows.

You must understand, this profile print today has a strong smack of seller conviction.  They were convinced with a high degree of certainty that selling ahead of the weekend was the right thing to do.

Will they be proven correct Sunday night?  Will you be trading Sunday night?  Lord knows I won’t on the day of rest.  But come Monday, we have an important decision to make, ride or die, a new month is upon us, a very foolish one.