The short-squeeze rally from Monday’s lows has been weak thus far, but we’ll give it the benefit of the doubt nonetheless, since it could start feeding on itself if it lasts a second day. To assess the strength of buyers in real time, I suggested earlier that you keep an eye on AMZN, my favorite bellwether at the moment. It led yesterday’s turnaround, rising $12.90 off a low that lay just 9 cents from the 598.66 correction target I’d flagged in a ‘tout’ sent out to subscribers Sunday night.
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Once the smaller short cycles are out of the way in the hours ahead.
Its down..all the way down.