The market longer term appears to have rolled over from the highs - We're going into a long holiday weekend and price dipped this morning testing yesterdays rebound off the lows at 163.40 - Price then ramped higher swifty and agressively putting further pressure on shorts to cover positions. In the low volume
environment that comes with holidays and given the fact that futures
markets will be open while equity markets are closed, there remains a huge risks for shorts to have open positions going into the holiday weekend. As price continues to rally more shorts cover adding fuel to the rally. After the spike higher, I'm expecting to see price move sideways - and then potentially drift higher in the after hours session. This mornings dip to 163.40 gave shorts a second opportunity to take profits.