The inverted H&S pattern completed overnight with S&P futures (see my ES1 post), now we're going pumptarded. I guess I should have stayed more bullish, nonetheless the stocks I had (CIEN, SUPN, NOK, STM) are still lower than Monday close so selling was the right decision.
I guess I should have bough GOOGL yesterday morning, lol.
In any case, looks like a major short squeeze, we've seen this type of action before. Nor going to chase the market, better off buying the dips. Playing some earnings the rest of this week, that's about it.
If we see a dip this week, it has to be tomorrow. Otherwise the market is going to stay pumptastic until next Tues/Wed.
I guess I should have bough GOOGL yesterday morning, lol.
In any case, looks like a major short squeeze, we've seen this type of action before. Nor going to chase the market, better off buying the dips. Playing some earnings the rest of this week, that's about it.
If we see a dip this week, it has to be tomorrow. Otherwise the market is going to stay pumptastic until next Tues/Wed.
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My charts are indicating that we can potentially be entering a melt up mode similar to last summer. Be careful shorting anything.
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LOL, I was right....
Hourly chart shows severely overbought condition on the short squeeze.
Hourly chart shows severely overbought condition on the short squeeze.