As we’ve suggested, this market is going to carry out the shorty’s in body bags. Until every last one suffers pain and anguish, and the pajama futures traders run it straight up their colon.
As you can see in the 60-minute chart, we are gapping up right into resistance at 196.50. I have trimmed the majority of my long exposure here, seeing as we’ve got about 6 points in 3 days on this. Heading into the weekend, I don’t want to be even thinking about the markets – as I’ll be drowning myself in Bourbon.
Going forward we are going to wait for this to re-setup. I’d love a dip back to 193-194 but I am not sure we get this. If we do go higher without a dip, do not be afraid to get back in. At this point though, as the markets slow down, it’s best to take some profit and see what the market gives us.
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Solid analysis.
Perfect time to lay on a few more shorts &/or buy protection while it’s cheap.