The title of this post says it all. There’s a serious bull/bear battle going on right now and neither side seems to have enough power to move the market very much. So we’re chopping around until one side gives. I’m still not finding very many short candidates but if we keep going like this for much longer I’m sure more will pop up.
As an aside, if you ever wanted a lesson in not shorting based on valuation check out the squeeze in TASR. It was up about 3,200% over the last 52 weeks before today’s pop — right now it’s up 22 points in the pre-market. The bears are starting to vocal about it now, with recent articles in Barron’s and the WSJ. But with about half the float already sold short it may be very hard for it to drop.
My little baby QQQs are snuggling down near their 50-day MA … Just about time for another bounce.
Funny,
The Euro/USD has been the same since opening of London last night. No clears signals to go long or short.