When the euphoria fades.................
....................the shorts will reassert their pressure. The day is still young and yes it sure feels nice after such a route. I am speculating (just like any long would do) the shorts will see how strong/weak their trade is. I personally was wanting to see a 10% plus move here, that would indicate to me they would have taken this quite seriously and that risk was real. If this move closes at a 3.5% gain, as nice as that seems, probably just a blip in the grand scheme given the 50%+ haircut endured to date I get there is now increased risk of Artis making a similar move but at the end of the day, until that happens, they will keep pressing, just human nature, albeit being a bit more mindful.
I think the real story that will have further longer term impact is the once again blistering jobs numbers along with a decrease in unemployment rate and an increase in wages. It is just relentless, and I like it, but the Fed doesn't. Yes, that dirty word we are growing tired of, the Fed. I recoginize they more or less indicated a pause, kicking and screaming, in fact led you right up to the word but couldn't actually say it. I think the world is going to have to get used to living with higher inflation, doesn't seem to be the will nor the ability to take the bitter pill. I personally don't mind it, suffered through a lost decade of ultra low rates and have nothing to show for it, at least now getting close to five points on cash and portfolio is on the rise yeilding fairly decent, giddyup!
Day is still young, lets see if we can't start an actual squeeze here, thus far as nice as it seems, "NO SQUEEZE FOR YOU"!