Market refuses to go down

1060 printed, just amazing, and the strength in NQ is even more impressive. Definitely a short squeeze.

Locking in profit on half of remaining position @1717, 25% of original position remaining.

1.4760 also looks doable tomorrow.
 
Quote from FB123:

It never ceases to amaze me how many times the same stuff happens again, and again, and again, and again... :)
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i count 5 threads on here right now saying "just buy". i wonder how many buy threads there were in march?
 
Time to throw the short squeeze issue out, the markets are going higher, the whole theory about shorts covering to buy is moving markets higher is a little over done by now.
 
Quote from vhehn:

i count 5 threads on here right now saying "just buy". i wonder how many buy threads there were in march?
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The past couple of week all I have seen is bear threads, and sure enough the market has rallied. With the emergence of some buy threads, it's time to be a bit more cautious now. That doesn't mean we can run for another few points though. ET is such an awesome contrary indicator, you gotta love it.
 
Quote from vhehn:

i count 5 threads on here right now saying "just buy". i wonder how many buy threads there were in march?
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I find it fascinating that there are more people buying at s$p 1050+ then there were when it was under 750, truly is fascinating.
 
Quote from S2007S:

Time to throw the short squeeze issue out, the markets are going higher, the whole theory about shorts covering to buy is moving markets higher is a little over done by now.
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New shorts come in as we move higher. The shorts that covered are the 15K or so contracts that went short in the 1035-1040 area.
 
Quote from S2007S:

I find it fascinating that there are more people buying at s$p 1050+ then there were when it was under 750, truly is fascinating.
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Actually it's pretty simple:

1. 90% of traders fail. This means that 90% of traders are selling when they should be buying, and buying when they should be selling.

2. ET is representative of an average cross-section of traders.

3. Therefore, it is normal to assume that whenever you see a lot of threads on ET with people thinking that it's going to go in one direction, it's probably going to go in the other, since 90% of them probably fall into the distribution of unsuccessful traders.

It is amazing that this keeps happening even though really is incredibly simple to figure it out and just do the opposite. Human psychology is a very weird thing.

I have been warning people on this site about this type of rally ever since we hit 1000 in the S&P after that decline in the beginning of september. There are soooo many traders that just don't get how this game is being played right now. They keep trying to treat this like a normal market, and it's not. You have to say to yourself: "If I was the government with billons of dollars at my disposal, how would I set things up to keep this rally going as long as possible and keep screwing the most traders?".

This is the third or fourth short squeeze since early July, it's incredible. Rinse, wash, repeat.
 
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