2:50 P.M The bull just won't die. The least we can do is not get gored by it. Covering tza right in the morning was definitely worth it. That being said, the market is again heading into the 20/50 hourly necktie. We need to the 15 min 200MA to break. It just seems too strong, providing kick back rallies.
5:20 P.M Yesterday's mirror image. The best thing is to let the market speak first. It could be that the weak short hands (like us) are getting shaken out (albeit for a > 5% profit today). But we prefer to let the market speak. Maybe too many people noticed the bearish ascending wedge. If the market indeed negates the bearish wedge pattern by rallying above yesterday's high ~860, we can easily see a huge rally courtesy of a panic short squeeze. As a bear, I would like my nemesis the 15 min 200d MA to give way first (~ 841 today). Until that gives way or 861 gives, we will sit and observe shorts claiming commercial RE is the next shoe to drop and longs claiming that it is already factored in.
8:30 p.M The hourly chart shows a symmetrical triangle being formed over the past 3 days. We could have another day of whipsaw within this triangle. When it unleashes, we could have a powerful move one way or another. The key is to exit on break of the edge.
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