Market's last explosive move before small correction or continuation of trend?
The market is so overbought yet it marches higher. I had both SPY puts and VXX puts, which is like a double hedge either way, but still, this upward move today is very surprising. I guess I should have seen it coming when Netflix refused to go down this week, meaning crazy buyers are still out there. What do you guys think? This is the last move before small correction or another leg up to higher highs?
I think a lot of traders were looking for a blow off top to sell into. This may be it.....the first 30 minutes will likely tell us....if the S&P is looking to go new high of day after 30 mins, continuation. If she is looking to break down and fill the gap......reversal, sell longs, or go flat or short.