no squeeze yet only up 150, but there are so many shorts out there ripe for the picking, if momentum does happen to pick up on the upside, you will see a moon shot higher when everyone scrambles to cover. I think it will happen if we take out the early morning high for the day today in the S&P, if not we may just go sideways up 150. Expirations are playing a role in intraday action today.
Impossible to know if the low is in, probably not. The problems still exist and the trend is down. I was just trying to warn everyone to sell strength not weakness in this enironment. In my 20+ years as a trader, I have never seen volatility like what took place this am between 4:30 and 6:30. My S&P futures trade exited on todays opening made 80 points in one day, unheard of!
Even you bears do not want the financial system to stop working, it would be a economic wipeout, and the Fed is now realizing that possibility exists.
