CNBC just noted that short selling has dropped to the lowest levels since pre-Lehman.
"The percentage of stocks that have been borrowed by short sellers—who try to profit from a company's share price falling—has dropped to the lowest level in the US, UK and the rest of Europe since the years before the collapse of Lehman Brothers, according to data compiled for the Financial Times by Markit."
It fits. Here I am playing upside with calls until stopped out. Ha.
Yesterday got a little too close to the 1957.71 stop, though. The 1959.46 low led to a rebound that has carried through to the pre-market, but unless it carries above the 1977.65 gap, it appears as if the market is setting up for lower lows.
It has appeared this way many. many times over the last several years, so until the stop level gets hit, there is not much to do but enjoy the ride for a bit.
But there is already too much chatter about whether The Big One -- the big correction -- is finally here. Like I said, it hasn't even broken the stop yet, and it hasn't even retraced a measly 23.6% Fib from the May 20th low.
First things first.