Market bounces back into another short squeeze Friday. No surprise, if you happened to catch my review of yesterday's market action.
Looks like this on the 30 min $SPX: I don't consider Friday short squeezes bullish. It's just an excuse to manipulate the (weekly) options market.
Something you may have missed - if you don't follow me on LinkedIn - is the breakout in commodities, which I saw coming, yesterday.
$GTX (S&P commodities index) - crawls back into the bullish channel, after being bought at the 50 day moving average. Classic bullish setup
$UNG - Natural Gas bounces off support
$TSX - Even the ridiculous Canadian market snaps back. This looks like a backtest of the broken trend (or pattern) in Blue, so I'd be looking for another leg down, rather than a break out....
China is up big - as expected.
$YINN (leveraged China bull) breaks out. Must be good news, that Bloomberg isn't reporting?
That's about it for this week. Next week is Options Expiration, so expect plenty more volatility!
AA
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