AMEX:SPY   SPDR S&P 500 ETF TRUST
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The inverted H&S pattern completed overnight with S&P futures (see my ES1 post), now we're going pumptarded. I guess I should have stayed more bullish , nonetheless the stocks I had (CIEN, SUPN , NOK , STM ) are still lower than Monday close so selling was the right decision.

I guess I should have bough GOOGL yesterday morning, lol.

In any case, looks like a major short squeeze, we've seen this type of action before. Nor going to chase the market, better off buying the dips. Playing some earnings the rest of this week, that's about it.

If we see a dip this week, it has to be tomorrow. Otherwise the market is going to stay pumptastic until next Tues/Wed.
Comment: My charts are indicating that we can potentially be entering a melt up mode similar to last summer. Be careful shorting anything.
Comment: LOL, I was right....

Hourly chart shows severely overbought condition on the short squeeze.
I actually think we will retest around 270 again one more time before the final move up. Trap some bears that get greedy and shake out the weak longs.

I opened a put spread today for 3/27 . 281 / 273 . I think I'll see a significant profit from this position.
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hungry_hippo MrMarketMaker
@MrMarketMaker, very much a possibility but I'm not shorting the market unless it gets overbought on the 2 hr chart and MFI shows a divergence. I think there's another peak Friday.

If I'm shorting anything though, it'll probably be MU earnings. Guidance will suck, DRAM index keeps plummeting.
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hungry_hippo MrMarketMaker
@MrMarketMaker, also want to point out that the previous big drops only happened after an interest rate hike (though there wasn't an actual increase in Jan, they signaled it then). With no interest rate increase in sight, I don't see a big tank coming.

I hope it does, I've still got money sitting in bond funds in my 401k.
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Watching to see if AMZN can break out of its downward trend. If it pops over the TL here, I think melt-up is good to go...
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hungry_hippo chinawildman
@chinawildman, yup. I can't believe how quickly it got pumptarded, I should've stayed bullish, esp on FAANG stocks.
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