SPDR S&P 500 (SPY)

[USDollar]

I observed few things:
- Shorting is rarely working.
- When it does it's almost incredible , an out of blue drop, totally announced technically drop.
- Some of the best shorts opportunities were (if taken) when market moved insanely strong, almost looking a stupid idiot to even thinking about buying puts.
One of the reason , and it makes sense, is that at such a point there must be really really really few shorting from the retail side, and only the insiders.

We are now in such a place.

On one hand everyone looks at 360 to sell longs or short. If the cart is heavy with longs waiting to cash out, then the cart will topple now. But if volume is any indicator, as Vandal pointed out if you paid attention, volume has been low, and NOBODY has been participating (meaning retail), so SPY might as well rise a bit further since there are not many collecting from the ordinary people.

The rise also discourage many from shorting, but WILL short the 360.

So I think, that to frustrate the most traders will be to have an UNEXPECTED selling event right after a very strong day. Today qualifies on many angles.