The Facebook lockup was the last best hope of shorts scoring before the end of summer. This price area is where the lockup ended and it seems to be holding. If valuation wasn’t such a scam, it would be screaming higher.
Today is YELP. This stock, and today’s action, may be the greatest shortfucker of the year.
We are now about to witness the J-hole in all its glory. Do you realize that every speculative short has been covered? I generalize, yes, but my thesis is sound.
Few want to be short anything in front of the J-hole.
This trading scenario falls in beautifully with the Max-Pain outlook from yesterday and the technical picture that shows most “everything” up on diminishing volume and at major resistance.
If we weren’t so scared of the next trillion digi-dollar stimulus, it would be a picture perfect technical setup for significant downside action.