Monday, October 26, 2009

Short squeeze

Very unusual action today shooting straight up off the trend sell day on Friday.  This isn't a common occurence, especially right from the opening bell.   I cut down my position size because I had a time stop but I'm going to watch and see what happens over the next hour.  Financials are lagging thanks to BAC, and energy is leading here.  This rally smells suscipicious to me and I'm thinking we'll revisit lower prices before the close. 

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