Alright, shorts first attempt to push the market down has failed. Have about another hour to hour-and-a-half to push it meaningfully into the red, or it's short covering for the rest of the day and we'll close above 1160. Time's running out!
that was just a dead cat bounce.
SDS/QID are still close to ALL-TIME highs.
Only way to break them is to devalue the US$, which is
DOW 5000 remains as my long-term target.
You will need it.
It's going to be just like yesterday. Shorts will try to push the market down in the first couple hours. If they fail to do so, then they start to cover and we melt up the rest of the day on low volume. It's all about what happens by lunch time.
The other notable tidbit is that 74% of the SPY's outstanding shares are currently held short, an all-time high. Hard to believe that an ETF that big could be a good short squeeze candidate, but these are crazy times...