Naughty or Nice?
Rudolph led the team today.
He had visions of sugar plums dancing in his head,
while the shorts were mauled,
and left for dead.
Not exactly the PC version of the story, but hey why not.
We waited 5 minutes at the open, thinking shorts would get jammed.
We prefer to see evidence the squeeze is on, although aggressive traders were advised that it looked like test the 28 since premarket shorts were locked in Santa’s sleigh and heading for the North Pole.
We had yesterday’s high at 21 as support.
When the market came out hot the alligator was biting, and nothing to do but join the party. We thought maybe tomorrow’s target was the 32/34, and since 28 held at noon, on your own above 32 was the call. Faced with the squeeze, trade logic said nothing good happens for the shorts until 28 breaks. When long profits began eroding in the afternoon sell off, guessing games are important so as not to overstay the contra. The return to the scene of the crime was enough, and the shorts who thought more got taken for another ride.
I hope you saw it too.
Logical trade targets were the 27.75, 29.75, 30.75, 32, and any day high.
Primary fullfilment we had at 34.5.
Seventeen days ago the 40.25 low was put into place and has roared back. The first part of the move we thought was a bounce, then I decided it was really a mandate from higher powers (Like Santa) to eclipse the election high. Chosen position support was 1375, then the 85 as the 83 held.
Last week we noticed the March contract supported at 90.5 when the December contract traded to 96.75.
Hell hath no fury like a President scorned.
I hope you have enjoyed my posts, taking some time off now for the Holidays and leaving the teaching up to all those capable voices on twitter.
Investment for The Emini wizard system can be locked in before Decemeber 31, 2012.
Hell’s Angels reposted … #EMWS for day, swing, position traders
My choice for Terry’s Voice…
and for all the shorts who proclaimed the market going lower…
Markets have gone 95 points higher…
with or without you…