Stock Market Technical Analysis Blog
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Following up on my blog comments the last couple of evenings where I talked about how the market was in a sideways holding pattern in the past couple of days where everyone was waiting to see if the PPT was going to step in and cause a big short squeeze. Today they did exactly that and the really positive news on the euro zone mess was a perfect cut and paste reason for why the market was roaring this morning.
Looking at the chart of ten minute bars, the Nasdaq gapped up and then shot vertically nearly fifty points in the first part of the morning. It was one of the most powerful short squeezes we have seen the past couple of years. They didn't just jam AAPL and the financials, they hit virtually every single sector with everything they had and the market went vertical like a bottle rocket taking off.
On my Aug 31st blog I talked about how the bond traders that went long were going to have to be on alert ready for this to happen and today it did.
On my Aug 31st blog I talked about how the bond traders that went long were going to have to be on alert ready for this to happen and today it did.
Alan
