Cycle Trading

[No-Quarter]

I can draw either a wedge (dashed lines) or a channel (solid lines) and still get a minimum of 3 touch points for each line, which is the rule of thumb. For now, the melt up continues. I continue watching and waiting for a break down... GLTY

https://archive.is/IlDKr#selection-793.0-805.360

https://archive.is/www.zerohedge.com/markets/meltup-continue-last-week-hedge-funds-shorted-most-stocks-start-2024-goldman-prime

And while stocks just refuse to back down, we turn to the latest must read Weekly Rundown Report from Goldman, in which we read that "single stock short flow has increased for 7 consecutive weeks" and "saw the largest net selling since early January, driven entirely by short sales as long flows were fairly muted." with "7 of 11 US sectors were net sold on the week" even as Macro Products – index and ETF combined – were net bought for a 2nd straight week (4 of the last 5), driven by long buys outpacing short sales ~3 to 1. And so yet another bear trap sprung - as hedge fund short single names for 13 of the past 14 days - expect the meltup to continue until all bears have been steamrolled ahead of the November elections.