Wednesday, May 27, 2009

We got squished

We got an big short squeeze right out of the gates yesterday that frankly caught everyone including my wiseguy friends by surprise. If you look at he S&P chart directly to my left on the blog we have been trading sideways for a few days now as the 200SMA slopes down closer and closer. Bottom line is something has to give. We will punch up and away to a new rally or crash and burn downwards. In any case yesterdays action really put the kibosh on some patterns that were setting up so there are no new trades for today. Good Luck.