"Biggest two-day short squeeze in four years, on no volume"
Compliments of Friday's disastrous jobs report. Resource and energy stocks led the way as weaker dollar is assumed...
"Never mind"
U.S. interest rates catching down to U.S.deflation (aka. imported poverty)
"It turns out we monkey-hammered Emerging markets for nothing...Our bad"
Point "c" was the Fed (non) rate hike aka. "Good news, no economy" rally, which had the shelf life of a rotten banana. This is the "good news, no jobs" banana republic rally aka. right shoulder of a head and shoulders top:
S&P 500 :30 minute view
Head and shoulders are clear here as well, as is the declining 50 day moving average (blue line):
S&P 500 Daily
"It was a bad time to be multi-month overbought on the McClellan Oscillator"
Celebrating no jobs and no economy. Recipe for total disaster.
But a complete surprise of course.
