Shorters lightened up their grip today. Why is the question.
At some point, you really can't short very well. It is hard to panic weak hands when you have traders looking for a great op. The lower you go, the more sure they are they are right. That means, yeah, you can sell to them all day long, but you begin to run out of shares and the tension is building.
The danger of a rebound and a darned fast one becomes stronger and stronger sending fear rippling through their ranks now where they spread it so easily a few months ago among the faithful.
JMHO
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