Powerful bounce back. One view is that shorts must have covered into the close, but whoever was pressing them today will not be so bold tomorrow. If I was short, I would want to take the profit as quickly as I could. Besides, now many of those on the sidelines will see this action and be tempted to jump back in. I know I was as I saw that snapback rally, but am too old for that game. For the same reason, I stayed away from the short side as well,the FOSL put can wait till tomorrow. This is just trading and expiration games, with not much by way of longer term implications, positive or negative, other than that the trend is your friend, UNTIL the END!!!!
Addendum: Apparently Fossil said good things in the conference call after earnings were released. Shorts piled on when the not so good earnings news came out and got squeezed when the conference call was upbeat. And what about KORS.? Retail sales come out worse than expected and XRT makes a 52-week high. This is just nuts. As for Greece, the morning news was that the troika meeting was canceled and stocks fell, then the Greeks said they would comply with some of the requirements and stocks rose. Longs and shorts are being jerked around all over the place . Still glad I am mostly in cash, though I will confess to having bought some TBT late in the day.