Missed it by that much! "Maxwell Smart"
Well I called for the 13th or the end of this week or close to it, and it appears it was Tuesday so I was off by a few days. However, in this business calls do not get much better than that if this upward move continues. Will it?
Although I base most of my trading on looking at relationships that have proven themselves over time as predictive, sometimes you have to use good judgement. I had posted previously that many of the other things I would normally require to make a call for a major upmove were missing, I thought this bounce would occur. I do think it will continue, to shake the tree a bit. The world is short except for some buy and hopers still out there. It has been remarkably easy to make big money on the short side, so a squeeze is likely.
After just one day nobody really knows if it will stick or not, but with the seasonal supporting it, I think it will for awhile. For the record, I am not long this market at this point, I am waiting for a sharp continued move to short, or a more sustained move that pulls back and gives me a buy entry. Too early to tell which will occur at this point.
However, for the buy and hopers, a nice move up could give you a chance to switch to cash in your accounts and get back some of your losses before the next move down which could be significant once it starts.