The model from the
backlink is busted by today's breakout and it suggests that the market is doing an inverted H+S for Intel. This either stops at the 50 fib and reverses suddenly or it's a bear trap. Don't fight the ticker short. It's not time to panic yet for shorts but this move needs to reverse quickly or else. Same with BKX, same with many other things. We are stretching what is a reasonable expectation for this bounce while still calling it corrective.
On the good side, my commodity plays are taking up the slack on my options losses. Also note that IBB is down nearly 2% today and that should not be happening if this was a real motive move to the upside. My best guess is that this is just shaking the short tree to see what falls out.
They are not going to make it easy just yet to make money on the short side and we should not expect them to.
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