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posted on 13 June 2017

Will Bears Stampede As Always?

Written by , Rick's Picks

The FAANG/lunatic stocks have recouped about 40% of last Friday’s mini-crash with two consecutive days of short-squeeze buying. The gains have been relatively modest so far, but this is because bears don’t yet perceive the rally as threatening. That’s exactly the sort of thinking that can cause a weak short-squeeze to gain momentum and turn powerful after a few days.

lemmings.cliff


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In this case, however, there is probably too much distance between current levels and the recent, record highs to get bears to stampede as early as this week. Accordingly, I expect the high-flyers to roll over, but not in a way that will let shorts get comfortable growing their position size. The foregoing aside, if QQQ can close for two consecutive days above the 141.14 midpoint Hidden Pivot shown in the chart, all bearish bets will be off.

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