With the S&P futures up 12.50 tonight it appears we are headed for a short squeeze. Of course, that could reverse completely over the next 15 minutes and we could see a gap down open. You really cannot predict the open with futures until you are much closer. There is no apparent reason for the futures spike but with everyone shorting the market this week, it could be a simple short squeeze.
Sellers tried to force the market lower over the last three days with minimal success. Normally this encourages the bulls and a stampede is born. Note that end of month buying in February was practically nonexistent and fund managers may have been waiting for the calendar to turn over before putting money to work. February did not provide a big buying opportunity as they hoped so they are jumping in on March 1st instead.
New positions are only added on Wednesday and Saturday except in special circumstances.
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