The longs are on the verge of having their asses handed to them. Now, it’s still possible this is just a big ole’ trap for the bears but I am not seeing any efforts to push this pig into the green.
The strange thing about the recent tape is that it’s not sellling that’s driving all this – it’s a lack of long interest. And often that’s how trend changes really become reality. It’s not the sellers that drive it lower – it’s a lack of buyers.